There was little reprieve for the pair on Friday, with the greenback cont inuing to extend on gains after non - farm payrolls report , sending EUR/USD below 1.0900 and the USD - index to its highest level since September 2003, with markets now pricing in the first hike in September 2015 despite both average hourly earnings and partic ipation rate printing lower than expected . The broad - based USD strength following the NFP report also saw USD/JPY break above the 121.00 handle, with commodity - linked currencies feeling the squeeze in a double - sided hit as the USD strength also weigh ed on oil prices and precious metals .
Away from the ECB and Fed, this week remained busy in terms of central banks, with a number of other central banks also having rate decisions. Both the RBA and BoC resisted cutting their rates soon after previous cuts, seeing both commodity currencies experiencing bouts of strength. This comes despite the majority of surveyed analysts forecasting an RBA cut, while the BoE surprised few by holding their key rate for the 72nd consecutive decision. Elsewhere, the PBoC and R BI both cut rates, with the Polish Central Bank first cutting their key rate by 50 bps, only to later state that the period of loose monetary policy has ended , seeing the PLN pare back all original losses.
Looking ahead to next week, Greece is back in focus with the Eurogroup meeting scheduled for Monday . Meanwhile, the Russian Central bank and RBNZ set for rate decisions, with both central banks seeing some analysts forecasting a cut in key rate.
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