The US dollar closed higher against its major peers this week even though initially, it looked that the rally had lost steam. US macroeconomic indicators were mixed, but the market paid attention to the positive ones for the most part.
At first, it looked like the US currency lost its upward momentum. Yet in the end, the greenback was able to maintain its rally. Economic reports from the United States did not provide a clear picture as some of them were good and some were bad. For example, housing data was rather disappointing. Yet one the most important indicators, gross domestic product, demonstrated impressive economic growth, and it drove the dollar higher.
Among other important news was the bounce of the Russian ruble. The currency was rising for five straight trading sessions but halted its rally by the weekend.
EUR/USD dipped from 1.2223 to 1.2178 — the lowest weekly close since July 2012. GBP/USD declined from 1.5625 to 1.5552 — the lowest weekly sentiment since August 2013. USD/JPY advanced from 119.54 to 120.39.
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