Our Weekly Forex Recap will give you some of the market highlights from the past week, keeping you up to date with events and currency movements that move the needle in the Forex industry.
Monday 11 February
The greenback peaked to a 6-week high on Monday event high worries about the global economy and the upcoming US-China trade talks.
Chinese stocks followed a similar path surging too high altitude whereas the UK pound slowed down ahead of Q4 GPD results. As far as the Aussie and Kiwi dollars, they finally rebounded after a horrible week.
Tuesday 12 February
Reaching a deal on the US government shutdown increased risk appetite but that did not seem to affect the US dollar that held its 2-month high roaming highs. Following the poor GDP results, the UK pound understandably fell into a slump.
The Kiwi dollar followed a similar trend to the pound ahead of the RBZN meeting whereas the dollar from down under struggled to regain a positive stance. On the contrary, oil finally saw an increase after a slow 3-week period.
Wednesday 13 February
After what seemed to be an unstoppable period for the US dollar, the greenback eventually pulled back amidst riskier assets and the US-China trade talks. The dollar’s retraction pulled the Euro and UK pound in the opposite direction seeing a noticeable increase.
Oil prices surged and pulled the Canadian dollar up as OPEC cuts output by 800,000 BPD.
Thursday 14 February
After a short break, the dollar picks up on its peak form with euro and yen retreating and facing growing pressure.
The Aussie dollar records gains based on the optimistic China results whereas the UK pound fell to one-month lows following weaker inflation results than expected originally.
Brexit drama and uncertainty continue to tantalize the home currency as MPs would vote again on the subject matter.
Friday 15 February
We can say in this Forex Recap that retail sales results came as a shock to the market with overall risk sentiment taking a big hit. To add to that, doubts and uncertainty continue to loom over the US-China trade talks. Weak Chinese PPI results also had an impact on markets and especially the Aussie dollar.