Europe's coronavirus advantage over the US has been one of the prominent reasons for EUR/USD's advance. Can the rally continue? The next moves mostly depend on the dollar side of the equation – with Non-Farm Payrolls standing out. Summer is proving volatile for the world's most popular currency pair. 

Benefiting from the misery of others – there was nothing to support the pound, but the dollar's weakness proved more influential. Will this trend extend or reverse? An updated view on the US labor market via the all-important Non-Farm Payrolls, the Bank of England's rate decision, and coronavirus-related news is all of the interest. 

Dollar/yen breaks 106.00 support on Monday and 105.00 on Wednesday. General dollar weakness infects USD/JPY down 2.5% in six sessions to Friday’s low. US statistics, Covid, stimulus paralysis in Washington played a part in drop. Ministry of Finance comments, profit taking, better US statistics, Treasury rates and month-end positioning prompted sharp dollar recovery on Friday.

The AUD/USD pair closed the first four days of the week in the positive territory and touched its highest level since February 2019 at 0.7228 during the Asian trading hours on Friday. Although the pair staged a technical correction and pulled away from its highs, it finished the sixth straight week in the positive territory and gained more than 4% in July.

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

There has been lots of data to digest this week and maybe the Fed's, non-committal tone was enough to put the breaks on gold for now. The Federal Reserve has stated they keep the rate of QE at the current levels. There could have been a small chance that they would have committed to a more aggressive stance.