FX Week 19 May 2013 |
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A week ago we warned that the upcoming US data may prove something of a challenge for the USD, but despite last week’s economic news being disappointing overall the USD continued to strengthen. USD/JPY made new cycle highs above 103, EUR/USD briefly reached 1.28 and the AUD continued its recent sharp descent, nearing our three-month forecast of 0.97. In our latest Monthly Insights publication released last week, we upgraded our one-month forecasts to allow for more USD strength but in many cases these targets are already close to being met if they have not been already. Consequently the DXY dollar index has also reached new ten-month highs above 84.0.
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