Market Research: USD

Source: Dukascopy Bank SA
The past week was flooded by another wave of divergence between the commodity and safe-haven currencies, with many important fundamental releases drowning in persistent trends of the observed indexes. The Aussie's, the Kiwi's, and the Loonie's gauges formed the top three performers, ending the week with 1-2% growth, while the franc's, the Euro's, and the yen's indexes mirrored the results in the depreciation area. Still, the trends reversed on Friday and suffered an even sharper correction at the new week's Asian open, and the period's key event in this respect was the OPEK summit in Doha. At first the pre-summit caution forced the commodity currencies to pull back, with the oil-driven CAD Index losing over 0.5%, while the yen's and the Euro's measures picked up. Later the movement was sharpened as no deal was reached on the oil production freeze, and the indexes opened the new week 0.5-1% away from their Friday's levels. Globally, the Loonie's gauge went as far as dropping below the baseline, while other indexes managed to keep their relative positions.

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