Precious metals were bid on Friday of the previous week, despite some Dollar's strength in the wake of optimistic statistical releases from the world's largest economy over the trading session. However, the market was predominantly driven by energy components.
While the Japanese Yen failed to sustain a rally against the US Dollar on Friday amid positive fundamentals from the world's largest economy, the Asian currency was up the most against the Euro.
The Greenback's performance was similar to the Pound's, as the Buck remained relatively unchanged against most major peers, with volatility registered only against the Aussie, the Yen and the Euro.
The Sterling's performance was mostly mild on Thursday, as there were significant movements registered only against three major currencies.
With the US currency remaining strongly bid over Thursday, precious metals were unable to find a reasonable ground for a rally. Silver and gold were the worst daily performers, as they plummeted by 2.5% and 1%, respectively.
Only two currency pairs of the Euro gained ground on Thursday, with EUR/AUD adding 0.25% and EUR/JPY increasing by ten basis points.
The US Dollar's performance on Thursday was rather poor, as the Buck declined against most major peers that day.
With fears of ‘Brexit' weighing on the UK currency pair, losses were registered across the board on Wednesday, with the only exception being the Cable.
Supply disruptions in Canada and Nigeria continued to put upside pressure on energy prices over Wednesday. Oil futures were the best performers, as they spiked by 3.5-4.5% and posted growth for a second day in a row.
Despite growing commodity prices, only the New Zealand Dollar managed to increase in value on May 11 among all oil-dependent currencies, and even here an appreciation was caused by news outside of the commodity topic.
The Buck experienced mixed performance on Tuesday, having appreciated against some major peers, but also declined against the others.
The Sterling had another good day yesterday, having appreciated against most major peers over the day.
Contrary to Monday, yesterday all commodities included in our daily review posted distinctly positive changes.
The Euro was forced to diminish for a sixth trading session in a row on Tuesday of this week, as European fundamentals were not in a position to support any kind of growth.
Commodities were down across the spectrum on Monday, compared with Friday's rally amid Greenback's weakness. However, on May 9 the US currency rebounded substantially, as financial markets began speculating again about the upcoming meeting of the Federal Reserve in June.
Provided with rising expectations that the Federal Reserve may increase interest rates as soon as June and increasing energy prices, the Euro managed to appreciate against the Japanese Yen and commodity currencies on Monday.
The US Dollar managed to post gains across the board, with only one exception registered against the Swiss Franc.
The Pound set off with rather good performance this week, having appreciated against most of other major currencies, with exception against the US Dollar and the Swiss Franc.
The Greenback outperformed most major currencies on Friday and over the weekend, despite a poor reading of the NFP data.
The Sterling experienced mixed performance on Friday and over the weekend, having appreciated against some major peers, but also declined against the others.
While slightly softer US currency might have had little influence on other FX market components, it definitely provided a positive momentum to the majority of commodities.
While substantially lowering its inflation forecast, the Reserve Bank of Australia sent the national currency down by 1.31% against the Euro on Friday.
The US Dollar managed to outperform most major currencies on Thursday, but struggled against the commodity currencies.
A poor reading of the UK Services PMI yesterday caused the British currency to sustain losses against most major peers.