The JPY is the strongest and the EUR is the weakest.
London/European traders have just left the buidling for the weekend. As they exit, which currencies have done well this week and which not so well?
The strongest of the majors is the JPY. It rose the most vs the EUR (+1.28%) and the least vs the CAD (+0.16%). Is there some safe haven flows into the relative safety of the JPY? All the JPY crosses are lower on the week.
The weakest of the majors, is the EUR. Although the EUR only fell 0.62% vs the USD, recall that last week, the CFTC commitment of traders report saw the EUR long position rise to a record level of 200K. The EURUSD has been trending higher and traded at the highest level since mid-May 2018. As a result, the longs have been winning. This week, the longs are not winning. Being too long (or short) and lead to quick declines (gains) if all the longs try to exit at the same time. Later today (around 4:30, the most recent commitment of traders numbers will be released.
How did the USD do?
It is mixed with gains vs the EUR, CHF, AUD and NZD and declines vs the JPY and CAD. The greenback is unchanged vs the GBP.
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