The US dollar ended the week broadly weaker against other major currencies as markets were disappointed by the first press conference of Donald Trump as a president.
Markets were disappointed by the fact that Trump did not offer details of his fiscal policies, and that drove the dollar lower against its rivals. Yet analysts did not necessarily turn bearish on the currency, saying that the pullback could be just a correction in the bullish trend. Indeed, the greenback regained its ground by the weekend as positive economic reports fueled speculations about monetary tightening from the Federal Reserve in the near future.
The one major currency that was even softer than the dollar was the Great Britain pound. Britain’s currency was plagued by fears of the hard Brexit, and that allowed the greenback to gain on the sterling, though GBP/USD did not break the psychologically important 1.2000 level.
EUR/USD rallied 1.1% from 1.0529 to 1.0642. USD/JPY slumped 2.3% from 117.00 to 114.34. USD/CHF declined from 1.0169 to 1.0075. GBP/USD slid from 1.2247 to 1.2171, reaching the low of 1.2037 during the week.
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