Sun, 23 Sep 2012 22:00:00 +0000
A lack of significant economic news on Friday led to a low volatility environment in the marketplace, and resulted in little movement for the US dollar. The USD/JPY closed out the week at 78.12, 12 pips below where it stood at the beginning of European trading. After dropping close to 50 pips against the Swiss franc during early morning trading, the greenback was able to stage an upward correction over the course of the day to finish out the week at 0.9327, slightly below where it started out the day. This week, investors will be closely monitoring a batch of US news, most of which is forecasted to show modest gains in the US economic recovery. Tuesday's CB Consumer Confidence figure, followed by the New Home Sales report on Wednesday and Thursday's Core Durable Goods Orders are all forecasted to come in above their previous readings. If true, the US dollar may turn bullish against its main currency rivals, including the JPY, CHF, EUR and AUD.