Swiss Franc and Euro ended as the strongest ones last week, as investors reversed their short positions accumulated in Q1. In particular, such reversals pushed Sterling to be the worst performing one, suffering heavy pressure against both Euro and Franc. The outlook for European looked a bit less pessimistic on a couple of factors. But technically, Euro still has a lot to prove that it's coming back. On the other hand, as risk-appetite came back, there wasn't much apparent selloff in Yen, nor was there apparent buying in highly risk-correlated commodity currencies. Australian Dollar was indeed the third weakest for the week, just next to Dollar. Canadian Dollar ended mixed despite a very strong job report. The forex markets might need to take some more time to realign themselves with the risk markets. |
