The USD was the weakest currency of the week after the market was disappointed by the overall FED message that came out of Ms. Yellen’s conference. She mentioned that although the first rate hike is indeed expected in September, that any further increase will be 100% data dependent.
Amongst all currencies, USD weakness was most evident against the GBP which surged to a new yearly high 1.5930.
GBPUSD has now closed positive for 10 days in a row, heavily supported by positive wage growth data. We are now 700 pips higher in these 10 days of gains. Meanwhile, EUR is still strong and looks to be disregarding any headlines coming out of Greece. An emergency euro group meeting has been arranged for today at 10:30 GMT.
Data wise we have little apart from US existing home sales later but it will be all about Greece today and the Euro group meeting.
Trading quote of the day: “A great trader is like a great athlete. You have to have natural skills, but you have to train yourself how to use them.” Marty SchwartzBack to Currencies Archive