Weekly FX chartbook: US CPI and FOMC dot plot have a low dovish bar
|Key points
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USD: Upside remains limited after post-NFP gains
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EUR: EU election jitters could settle
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GBP: Resilience pursued amid UK elections
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JPY: BOJ could signal a July rate hike
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XAU: PBOC’s brakes on gold buying could mean demand shift
USD regained strength at the end of the week on hot US jobs data, but CHF remained an outperformer as SNB shifted its FX stance. Silver plunged sharply following strong gains lately, while Gold also plunged on hot jobs data and reports of PBOC halting gold purchases.
Our FX Scorecard shows positive momentum may be building in USD, GBP and CAD, while negative momentum in NZD and Gold.
Forex COT to the week of June 4 saw dollar longs pared for a sixth consecutive week and down over 50% during this period. Fresh longs were added further to GBP, EUR and NZD while shorts were covered in JPY while added further in CAD, CHF and AUD.
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