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In choppy week for the major currencies, we saw the Kiwi dollar slowly creep into the red, while the Aussie dollar took the top spot on late week RBA speculation.

Notable News & Economic Updates:

Summer Doldrums Continue

Dollar, Gold, S&P 500, 10-yr Treasury Yield, Bitcoin, Oil
Dollar, Gold, S&P 500, 10-yr Treasury Yield, Bitcoin, Oil

Unless you were deep into trading the wild volatility in memes stocks this week, there was actually very little in the way of major financial market news/event catalysts and volatile price action in the broad markets.

Crypto assets were, as usual, the bigger movers as they continued to slowly recover from the May sell-off, at least until Elon Musk dropped another tweet that dropped the crypto markets early in the Friday session. Oil was also a steady gainer, likely due to continued optimism on the pandemic recovery as cases in the U.S. continue to decline, and as European vaccine distribution continued.

On top of the positive COVID developments, global economic data was likely a contributor to the positive lean in financial markets this week as business sentiment remained optimistic and economic updates were arguably net positive. Global equity markets marched higher this week seemingly without a hiccup, while gold pulled back from two month highs.

In the Forex space, a lot of choppy movement this week, and the usual correlations seemed pretty weak with broad risk sentiment. This indicates that each countries’ economic and pandemic developments were the main drivers for each individual currency….a very rare occurrence!

Overall, the New Zealand dollar was the biggest loser of the week despite not having any major negative catalysts from New Zealand, while the Aussie dollar beat out all currencies with the help of late week speculation from Australia’s top banks that the Reserve Bank of Australia may hint of tapering monetary policy stimulus in the near future, and likely on U.S. dollar weakness after a disappointing U.S. employment update.

USD Pairs

Overlay of USD Pairs: 1-Hour Forex Chart
Overlay of USD Pairs: 1-Hour Forex Chart

GBP Pairs

Overlay of GBP Pairs: 1-Hour Forex Chart
Overlay of GBP Pairs: 1-Hour Forex Chart

EUR Pairs

Overlay of EUR Pairs: 1-Hour Forex Chart
Overlay of EUR Pairs: 1-Hour Forex Chart

CHF Pairs

Overlay of CHF Pairs: 1-Hour Forex Chart
Overlay of CHF Pairs: 1-Hour Forex Chart

CAD Pairs

Overlay of CAD Pairs: 1-Hour Forex Chart
Overlay of CAD Pairs: 1-Hour Forex Chart

NZD Pairs

Overlay of NZD Pairs: 1-Hour Forex Chart
Overlay of NZD Pairs: 1-Hour Forex Chart

AUD Pairs

Overlay of AUD Pairs: 1-Hour Forex Chart
Overlay of AUD Pairs: 1-Hour Forex Chart

JPY Pairs

Overlay of Inverted JPY Pairs: 1-Hour Forex Chart
Overlay of Inverted JPY Pairs: 1-Hour Forex Chart