The US dollar eventually saw some gains in a week where currencies sought a direction. Jobless claims in the US dropped to 339K, the lowest since February 2008, down 30,000 from the previous week.
- After last week’s sharp drop, the AUD/USD enjoyed a quiet week, as the pair moved up slightly. Positive Australian employment numbers and a surprisingly strong Chinese GDP helped the Aussie make a push
- Euro/dollar slid within the range in a week that saw a deterioration in the global mood. Spain’s credit downgrade by S&P added to the nation’s troubles. The potential Spanish bailout request does not seem that close now.
- GBP/USD weakened as it dropped below the 1.6000 line this week, but recovered to close at 1.6062. UK numbers did not impress last week, as Trade Balance and Manufacturing Production were sluggish and fell below the market estimate.
- Dollar/yen made a small move lower, defying the wish of Japanese officials. A weaker yen received some support from the IMF, but nothing close to moving this stubborn currency.
- Gold futures slipped lower in U.S. trade as profit takers hit the yellow metal despite a lower greenback. Gold fell on profit taking despite the U.S. UoM consumer sentiment rising unexpectedly last month, preliminary data showed on Friday.
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