Image via RBNZ Museum

The US Dollar closed the week as the weakest currency as a strong risk-on sentiment saw the AUD and the NZD close the week with gains of 4.31% and 2.81% respectively. The gains came on a broadly positive data from Australia where last week the RBA left rates unchanged while the quarterly GDP expanded 0.60%, better than expected. The US Dollar, on the other hand, was weaker with the Non-farm payrolls showing a decline in average wage earnings despite the unemployment rate staying at 4.90% for the second month in a row. The monthly number of jobs added to the economy also increased by 242k, beating estimates of 195k.

Weekly Spot FX Performance – 04/03/2016 (Source: Finviz.com)

The British Pound was the surprise last week as the GBP closed with gains of 2.57%, just a week after GBP/USD fell to multi-year lows. The gains came despite a weaker than expected services PMI data and soft manufacturing and construction PMI survey data.

Fundamentals for the Week 07/03 – 11/03