|Day's Range||108.453 - 108.453|
|52 Week Range||101.2830 - 112.2260|
The US dollar has initially fallen during the week but then turned around to reach a little bit higher, as the market is sitting in the middle of what is the larger consolidation range.
The British pound has gone back and forth during the course of the week, bouncing around the ¥133 level, as we continue to try to figure out where we are going next.
The US dollar has rallied a bit during the Friday session going into the weekend, reaching towards the ¥108.50 region. That being said, it looks as if treasury buying continues.
The British pound initially tried to rally against the Japanese yen on Friday but has pulled back just a bit as we continue to see consolidation. At this point, the market is likely to have to make some type of significant move.
At 3:05 AM ET (0705 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, rose above 100 for the first time in over a week to stand at 100.460, up 0.2% on the day and up some 0.6% on the week.
The US dollar initially tried to rally during the trading session on Thursday, but as the initial jobless claims came out twice as bad as anticipated, the US dollar got hit against the safety of the Japanese yen.
The British pound has tried to rally during the trading session on Thursday but gave back the gains as the employment figures loom large for the Friday session.
The Australian dollar initially tried to rally during the trading session on Thursday but gave back the gains to show signs of extreme negativity. At this point, the 0.60 level is trying to offer support, but given enough time it looks as if we will probably break through there.
The Dollar Index (DXY) remained volatile this week as investors are eagerly waiting for the Initial Jobless Claims in the US today, after hitting an all-time record high of 3.28 million Americans filed for unemployment last week as the US goes into lockdown in an effort to contain the spread of the coronavirus.
We strongly believe China wants to show some strength in their perceived economic recovery and that these PMI numbers are somewhat “manufactured for effect”.
The US dollar initially tried to rally a bit during the trading session on Wednesday, but then rolled over again as we continue to see a lot of “risk off” behavior.
The British pound has rolled over slightly against the Japanese yen during trading on Wednesday, as we are starting to see the overall long term downtrend reassert itself.
The US dollar has rallied a bit during the trading session on Tuesday, breaking above the neutral candlestick for the Monday session. This is a relatively bullish sign, but one should also keep in mind that the volatility is going to continue.
The British pound has fallen initially during the trading session on Tuesday, but then turned around to show resiliency again. The market seems to be testing the ¥135 level in general, so pay attention to it.
The dollar traded marginally higher Tuesday, helped by gains against the more defensive currencies, the Japanese yen and the Swiss franc, on the last trading day of the month. At 3:05 AM ET (0705 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.597, up 0.3%. “The talk is Japanese names are short of dollars (as the fiscal year comes to an end), which is likely to keep the dollar bid well into London time,” Yukio Ishizuki, FX strategist at Daiwa Securities, told CNBC.
PMI numbers out of China impress early. Will a busy economic calendar be enough to distract the markets from the continued spread of COVID-19?
The US dollar has initially plunged against the Japanese yen during the trading session on Monday, but then turned around to show signs of life again. By doing so, it’s very obvious that the market is trying to stabilize near the ¥108 level, an area that has been important in the past.
Although the BOJ refrained from cutting rates aggressively or promising to implement quantitative easing practices, last week, Japanese Prime Minister Shinzo Abe pledged “huge” stimulus