"Front-end U.S. yields are slightly higher - I think that's a key driver. But what's been driving markets over the last few weeks has been weakness in commodity prices." - BNP Paribas (based on CNBC)Pair's OutlookAfter reaching a daily low of 1.2979, the USD/CAD currency pair was pulled back up, which resulted in the US Dollar losing only five pips against
In spite of rather substantial volatility to the upside, the AUD/USD remained relatively unchanged yesterday.
The European currency behaved exactly with accordance to expectations on Monday.
The bears are not as active as expected, but the outlook will remain negative as long as resistance at 1,100 is intact.
The US Dollar completely ignored the positive fundamental data yesterday, as it declined against the Yen.
Surprisingly, the Cable appreciated on Monday, even despite better-than-expected US fundamental data.
Yesterday the pair has nearly reached the target level of 1.1150, but now there is very little hope the recovery is going to continue.
Last Friday, the NZD/USD currency pair bounced off the channel resistance trend-line and declined towards the 2010 low once again.
On Friday, the US Dollar barely managed to negate last Thursday's losses, in spite of strong volatility to the upside.
The AUD/USD currency pair behaved in accordance with the forecast, as it declined last Friday.
The EUR/JPY cross fell in line with expectations, as it edged lower on Friday.
The outlook is strongly bearish towards the bullion, as right now we are consolidating just below the recently broken major trend-line.
The Greenback failed to appreciate on Friday, which resulted in reaching the weekly PP at 123.59.
Even though the GBP/USD currency pair reached the immediate support on Friday, trade still managed to close above the 1.55 major level.
The bulls are currently eroding the 100-day SMA, and if they succeed, the next target will be a cluster of resistances around 1.1150.
Although the Kiwi experienced strong volatility to the upside, the day still ended with the NZD/USD remaining flat.
The Greenback plunged on Thursday, but not as much as anticipated.
Despite expectations, the AUD/USD currency pair declined on Thursday, as it failed to resume trade above the 0.74 psychological level.
Although the European currency advanced against the Yen yesterday, the 200-day SMA failed to stop the rally.
XAU/USD tested the weekly S3 at 1,088 for a third time this week on Thursday.
Despite expectations, a correction took place on Thursday, forcing the USD/JPY to drop below the 124.00 major level again.
The Cable failed to rise on Thursday, as the worse-than-expected UK fundamentals pushed the GBP/USD currency pair back down.
EUR/USD climbed to its weekly high on Thursday, by reaching the 1.10 mark, which is reinforced by 100 and 20-day simple moving averages.
Although the Kiwi reached a five year low yesterday, the NZD/USD still closed trade at 0.6617, thus, remaining relatively unchanged.