It wasn’t an encouraging level to end the week. The US dollar managed to hold its bearings against the commodity currencies; but it stumbled when measured against the other majors. Notably, GBPUSD fully retraced the bearish progress traced out following its nine-consecutive day advance; while both USDJPY and USDCHF gave up more than half their gains from Thursday. However, the worst of the damage was assessed with EURUSD. Looking to end the week with little question about its bearings, the benchmark currency pair surged for the third time this week to easily clear the 1.3450 to 1.2900 congestion pattern that has restrained price action for nearly two months.
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