Pip Diddy

No top-tier data from New Zealand this week, which means that y’all gotta pay attention to countercurrency moves!

USD bulls were all smiles by the end of the week thanks to the U.S. and China restarting trade talks and the positive U.S. jobs update

No lover for the British pound this week as a combination of weak PMI updates, dovish commentary from Carney and no-deal Brexit talk beats Sterling bulls down. 

Both the euro and Swiss franc fall on the week, likely on another round of weak economic updates from Europe, as well as rising speculation the new potential ECB President will stay on the dovish course.

The Loonie takes the top spot despite oil’s mid-week fall & the late week Canadian employment update showing a pullback from this years monster gains so far. 

Kiwi pairs were more under the influence of counter currency moves and global risk sentiment, which unfortunately for the bulls, took the New Zealand dollar lower for the week.

The Australian dollar was able to bounce back from a weak start as the RBA paused on rate cutting plans, & Australian data came in more positive than negative to put Aussie bulls in the driver’s seat into the weekend. 

The Japanese yen was a net winner for the week, likely due to counter currency weakness as speculation grows that major central banks will be increasing stimulative policies

With a relatively quiet economic calendar ahead, trends may continue to run further short-term. And this strong move in EUR/AUD should be one to watch with the lone potential top tier catalyst coming from Australia. 

With Australian, Chinese and UK economic catalysts ahead, is GBP/AUD set to break strong support or is it time to do a countertrend trade?