The greenback recorded positive gains against most of its competitor so far this week after a positive USD statement from the FOMC on Wednesday.
Monday 19th Feb.
London session Recap
Cable took a dive against most of its major competitors due to Brexit issues revisiting the headlines. GBP/CHF hit a low of 1.2993 or -0.15% while GBP/USD plunged to the 1.4000 handle or -0.14% before receovering some of it’s loss later in the USA session.
The YEN also recorded losses across the board against most the Major’s, despite the rise in risk aversion in the markets.
USD/JPY surged to 106.52, CHF/JPY hit a high of 114.82, while EUR/JPY rose +0.25% to 132.18
U.S Session Recap
The USA currency leveraged the low liquidity environment and recorded some impressive gains against its major rivals in some high-volume activity.
USD/JPY recovered from 106.49 to end the session at 106.79.
Meanwhile EUR/USD leaned closer to a low of 1.2368 before retreating to 1.2416, while GBP/USD fell to a low of 1.3958.
Tuesday 20th Feb.
U.S Session Recap
Despite the Brexit issues persisting on the second day of the week, the GBP managed to keep calm and not record any major losses.
GBP/USD pair went up from of 1.3969 to end the session at 1.4023, GBP/JPY also surged to a session high of 150.45, while EUR/GBP plunged to 0.8815.
The greenback was boosted by the debt auction which recorded positive results. The currency also took advantage of the equities declining due to risk aversion.
EUR/USD pair recorded a session low of 1.2319 before consolidating its position, USD/JPY went up to 107.28, USD/CHF surged to a session high of 0.9365, while USD/CAD also surged to reach the 1.2650 mark.
Wednesday 21st Feb.
U.S. Session Recap
Despite the upbeat assessment shared by BOE officials, the pound couldn’t hold on to its position as it continued its slump.
GBP/USD recorded a high of 1.3991 during the session before falling back to 1.3934 before the FOMC minutes, GBP/JPY also surged to a high of 150.48 before plunging to 149.85, and EUR/GBP also surged to a high of 0.8857 then retreated to 0.8813 by the end of the session.
The release of the PMI reports helped the greenback record some gains against its rivals. The currency experienced some sold off around the release of the FOMC minutes but quickly recovered as bond yields ticked higher.
EUR/USD surged to a session high of 1.2361 before retreating to a low of 1.2280, USD/JPY plunged to a low of 107.29 then recovered back to test the session high of 107.90, and USD/CHF plunged to a low of 0.9343 before coming back to the 0.9400 mark.
Thursday 22nd Feb.
London Session Recap
The British currency was weak during the Asian session this morning and it only intensified after the U.K.’s Q4 GDP growth readings were revealed to have been downgraded.
GBP/USD plunged by 9 pips or -0.07% to end the session at 1.3878, GBP/JPY also went down by 62 pips or -0.42% to trade at 148.60, and GBP/CHF also recorded a loss of 36 pips or -0.28% to end the session at 1.3022.
The Euro didn’t experience much action during today’s London session as it was steady for the most part. The currency however attempted to rally following the release of the minutes of the ECB’s meeting. This came to sudden halt plunged after the minutes repeated the ECB’s somewhat cautious message.
EUR/USD pair declined by -0.04% to finish the session at 1.2269. EUR/JPY also went down by 54 pips or -0.41% to trade at 131.35, and EUR/CHF also declined by -0.27% to end the session at 1.1510.
The Loonie plunged to a two-month low Thursday against the greenback after a fall in the country’s retail sales. The fall in retail sales also affected the prospects for further Bank of Canada (BOC) interest rate hikes over the coming months.