The British currency managed to appreciate against all other major currencies on Friday and over the weekend, but struggled to gain value against some of the commodity-based currencies.
Commodity prices held to gains on Friday of the previous week, as a flow of positive fundamental news was able to put most of them on a bullish track.
After days of losses, the Euro recovered, albeit only by six basis points, against the Japanese Yen. Friday was the first bearish day for Japan's currency since March 31.
The US Dollar managed to appreciate against most major currencies on Thursday, but still suffered a rather significant decline against the Japanese Yen.
Another day of ‘Brexit' jitters caused the Sterling to decline against most major peers, with some exceptions against the commodity-based currencies.
Futures for natural gas see an aggressive post-season rally, as yesterday they skyrocketed by 5.60% and outperformed all of its major peers.
The Euro had another indecisive day yesterday, as mixed trading environment confirms that the common European currency was influenced by external factors that are out of its control. With oil prices correcting lower, EUR/AUD soared by more than 1% as the Aussie fell down.
The US Dollar suffered against most major peers on Wednesday, amid a dovish FOMC Meeting Minutes statement.
Another day of concerns over ‘Brexit' brought weakness to the Sterling crosses on Wednesday, causing the Pound to lose value against all other major currencies.
A formidable 5% surge in oil prices was accelerated by unexpectedly falling US stockpiles, even though economists had estimated another increase in reserves prior to the release.
Wednesday has clearly been an important trading day due to presence of many US events concerning the Federal Reserve. Two FOMC members, James Bullard of St. Louis and Loretta Mester of Cleveland spoke yesterday and provided the market with influential remarks on the matter of rate increases.
The EUR/AUD cross is now poised for more weakness, as that is the direction, where the rising wedge usually breaks out. Moreover, market sentiment is bolstering this possibility, as 54% of all open positions are short. However, the 55-hour SMA has been reinforcing the wedge's lower border since it first emerged, making it difficult for a breakout to occur just
Since the beginning of March the Aussie has been appreciating against the US Dollar, eventually forming a double top pattern. Since double tops arise at the end of the upward trends, a bearish trend is soon likely to take over. Technical studies also imply a decline, but in longer timeframes a recovery is possible, suggesting that the pattern might turn
Although the Buck appreciated against most major peers on Tuesday, a rather serious loss was registered against the Japanese Yen.
'Brexit' fears continued to weigh on the British currency, causing it to decline against most major peers on Tuesday.
Finally, it was a positive day for many commodities on April 5. Given the weakening US Dollar in the run up to the FOMC meeting minutes' release later on Wednesday, precious metals posted a very healthy price spike of more than one full percentage point.
Services sector activity in the Euro zone failed to impress markets on the positive side, but it was unable to derail the Euro's performance either.
The US Dollar advanced against most major peers, with the largest gains registered against the commodity currencies.
The British currency appreciated against most major peers on Monday, with the only exception against the Yen.
Futures for natural gas spiked the most among main commodities on Monday, by rallying about 2.15% over the past 24 hours.
Commodity currencies were clear losers on the first day of this week amid tanking oil prices. New Zealand, Canadian and Australian dollars took the whole pedestal of TOP-3 sharpest-declining components against the Euro.
Even though the US NFP data surprised to the upside last Friday, the US currency was unable to post gains against all other major currencies.
Poor UK Manufacturing PMI on Friday caused the Sterling to weaken across the board even over the weekend.
All but one commodity were down in price on the first day of April, as only corn appreciated by about seven tenths of one percent. General direction of the market is clearly reflected in the benchmark S&P GSCI Index, which was pushed down by 2.17% over 24 hours through Friday evening.