This week, the US Dollar saw a decrease in strength against major currencies such as the Euro, Japanese Yen, and Australian Dollar. Let’s take a look at the weekly price outlook for EUR/USD, USD/JPY, and AUD/USD.
EUR/USD: The Euro gained ground against the US Dollar this week, with the pair showing signs of bullish momentum. The Eurozone’s economic data has been showing improvement, which has helped support the Euro’s strength. However, uncertainty surrounding the ongoing pandemic and geopolitical tensions may still impact the pair’s movement in the coming weeks.
USD/JPY: The US Dollar lost ground against the Japanese Yen this week, as risk sentiment improved in the markets. The Yen, considered a safe-haven currency, benefited from the positive market sentiment. The pair may continue to be influenced by global economic developments and market sentiment in the near future.
AUD/USD: The Australian Dollar also managed to gain against the US Dollar this week, supported by positive economic data from Australia. The Reserve Bank of Australia’s decision to keep interest rates unchanged also contributed to the Aussie’s strength. However, concerns about the global economic recovery and trade tensions may still impact the pair’s movement in the coming weeks.
Overall, the US Dollar gave back some of its strength this week against major currencies, as market sentiment improved and economic data showed signs of recovery. Traders will be closely watching developments in the global economy and any potential geopolitical tensions that may affect the movement of EUR/USD, USD/JPY, and AUD/USD in the coming weeks.