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- Declining US consumer confidence boosted the yen and dollar on Friday. The Japanese currency rallied against all major currencies for the week as increased risk aversion spurred investors to unwind carry trades. The dollar rose versus all the major higher yielding and risk sensitive currencies. Furthermore, the USD gained against the euro, pound and Australian dollar for a second week and rose against the Canadian dollar for a sixth week as investors deleveraged and stocks and commodity prices declined. The S&P 500 fell 3.55 points to 879.13, for a fourth weekly drop.
- The dollar index remains confined in narrow trading ranges without clear directions. Investor risk sentiment, having been changing on a daily basis, kept the dollar index volatile but in a tight range around 80. The dollar index has been stable as losses against the yen have been canceled out by gains against the higher yielding currencies. Either the break of the 78-area support or the penetration of the resistance from the downtrend will likely determine the longer term outlook for the dollar index.
Source: CMS Forex and FXstreet.com