Forex Today: Dollar ends four-week positive streak ahead of NFP week – by MSalordFX DollarIndex Oil NFP NZDUSD
The Greenback lost ground on Friday and finished the week lower. Positive data from China and a retreat in US yields kept the DXY in negative territory. US Stocks posted weekly gains after sharp losses in February. The improvement in market sentiment contributed to weakening the Dollar, which posted the first weekly loss in a month after a positive February.
EUR/USD posted a modest weekly gain, enough to become the best performance since early January. The rebound occurred from the 20-week Simple Moving Average and was capped below 1.0700. Eurozone inflation data triggered a decline in European bonds. Rising EZ yields helped the Euro. Among majors, the New Zealand Dollar was the best performer. Back in February, the Reserve Bank of New Zealand raised the OCR by 50 basis points to 4.75%, signalsignallinghikes ahead. NZD/USD rose after four weekly slides, still unable to rise above the 20-day SMA at 0.6260.
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