The Japanese yen was again at the front coming out as the top performing currency last week. Gaining over 1.37% against the US dollar, the yen rallied mostly on the dollar weakness after last week’s ISM services report. Following the yen was the Swedish krone which managed to keep its gains after the monetary policy meeting from the Riksbank saw no changes being made while the central bank gave an outline of ending its QE and the rate hike timetable.
Gold prices did not manage to capitalize on the initial gains made earlier in the week but still managed to close 0.31% higher on the week.
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Weekly Spot FX Performance – 09/09/2016
The Australian dollar was the weakest currency last week, losing 0.37%. The declines came despite the Aussie starting the week on a firm foot, led by the RBA inaction and a fairly better GDP print. The Canadian dollar was down 0.31%. The BoC did not make any changes to interest rates and Friday’s jobs report showed a better than expected print in the monthly employment change. CAD was seen tracking the oil prices over the week, which itself was seen to be volatile.
Economic Calendar for the Week 12/09 – 16/09
