At the same time, the Aussie– greenback cross was among top losers, falling almost 3% during the week. Traders trimmed record positions betting on declines in the Australian Dollar versus the U.S. Dollar, however, on Friday, the Aussie maintained a gain against the greenback on speculation its loss this week was excessive. The reason for such a performance, were upbeat news from the U.S., which led to a stronger Dollar, while Australia's currency depreciated amid news that Conference Board Leading Economic Index (LEI), which includes several economic indicators to try to forecast the nation's economy direction, inched down in June. According to the report, the index fell 0.2% after the flat reading in the previous month amid political uncertainty and consumers' fears over job security.
The Swiss Franc was also amid most volatile currencies, as it has depreciated versus the greenback and single currency, losing around 0.8% and 0.4%, respectively, on upbeat news from Europe and the world's largest economy, while news from Switzerland raised concerns over weak growth in the second half of the year. On Thursday, the Federal Customs Administration said Swiss trade surplus fell to 2.38 billion francs in July, down from 2.8 billion a month earlier, while analysts expected a figure of 2.6 billion. The main reason for such a weak performance was a steep fall in exports, while imports, in contrary, advanced.
This trading week will be full of reports from statistical offices and companies across the world, hence traders can expect some significant movements. On Tuesday Ifo Institute for Economic Research will publish German business climate, which is likely to edge higher as the economy is gathering momentum. A day later BoE's Governor Mark Carney's speech and the release of U.S. pending home sales are scheduled , which both can have a significant impact on the cable. As always, on Thursday a bunch of economic data will be published, including New Zealand's business confidence, German consumer prices, U.S. GDP figures as well as initial jobless claims. Finally, on Friday Statistics Canada will show the pace of growth of the Canadian economy.