The US dollar demonstrated mixed performance this week. The currency fell against the euro, gained versus the Japanese yen and ended the week flat against the Great Britain pound. The month of November, on the other hand, was very good for the US currency as it gained against most major peers.
Analysts expected the dollar to be strong this week. Yet the currency did not adhere to forecasts as disappointing macroeconomic data led to weak performance. Everything changed after the OPEC meeting. The organization refused to cut oil production, leading to risk aversion and drop of most currencies (especially commodity-related ones). The greenback profited from this.
As for the whole November, the situation was different. The dollar was strong, showing particularly big rally versus the very soft yen.
EUR/USD advanced from 1.2358 to 1.2439 over the week, reaching the high of 1.2531, while over the month the currency pair dipped from 1.2507. GBP/USD rallied from 1.5636 to 1.5826 but fell back to 1.5638 by the weekend. The currency pair dropped 2.2 percent in November. USD/JPY rallied from 117.89 to 118.66 over the week and demonstrated a huge rally by 5.6 percent in November.
If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.
Be First to Comment