The US Dollar (USD) is ending the week on a strong note. The DXY raced to a new, two-year high overnight in response to weak European data but has conceded a lot of those gains ahead of North American trading, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
EUR/USD sinks to near two-year lows below 1.0400 in European trading hours on Friday after the release of the preliminary HCOB Eurozone Purchasing Managers Index (PMI) report for November, which showed that the overall business activity surprisingly contracted.
GBP/JPY remains steady around 194.50 during the early European hours, following the lower-than-expected UK Retail Sales figures for October released on Friday.