Last week’s Forex market moved in line with the long-term bullish USD trend until the end of the week, when news of the spread of the new omicron variant of the coronavirus and the prospect of the world closing its borders again sent stocks and several commodities tumbling and caused strong movements in currencies which were changes from prevailing trends.
In the Forex market, the Japanese yen and the euro ended the week as the strongest major currencies week while the Canadian, Australian, and New Zealand dollars were the weakest. If the impact of the omicron variant is as bad as feared, which may be born out by testing over the coming days, this situation is likely to persist.
I wrote in my previous piece two weeks ago that the best trades for the week were likely to be short EUR/USD , and long USD/TRY and wheat . This was a great and exceptionally profitable call as the EUR/USD currency pair fell by 2.08%, USD/TRY rose by 12.35%, while wheat rose slightly by 0.88%. This produced an average profit of 5.10%.
Fundamental Analysis & Market Sentiment
The headline takeaways from last week were:
USDJPY
In the Forex market, the Japanese yen and the euro ended the week as the strongest major currencies week while the Canadian, Australian, and New Zealand dollars were the weakest. If the impact of the omicron variant is as bad as feared, which may be born out by testing over the coming days, this situation is likely to persist.
I wrote in my previous piece two weeks ago that the best trades for the week were likely to be short EUR/USD , and long USD/TRY and wheat . This was a great and exceptionally profitable call as the EUR/USD currency pair fell by 2.08%, USD/TRY rose by 12.35%, while wheat rose slightly by 0.88%. This produced an average profit of 5.10%.
Fundamental Analysis & Market Sentiment
The headline takeaways from last week were:
USDJPY
