AUDUSD (0.7): The Aussie is down -2.6% for the week led by sharp declines in commodities such as Zinc and Copper as China forecasted reduced demand for the raw materials. The Aussie was also under pressure simultaneously by the stronger Greenback which led to strong losses this week. Economic data from Australia this week saw the housing price index which posted a 4.7% quarterly growth, but the data did not help support the Aussie much.

EURUSD (1.11):  The Euro was undoubtedly weak since last Friday and continued its bearish momentum to the downside. Prices fell to lows near 1.1103 this week as ECB officials took a dovish stand and talked about expanding the ECB’s QE program while the US FOMC officials were on the hawkish side. The currency stabilized after Draghi’s testimony which saw the ECB Chief take a neutral stand noting that only a strong evidence of a slowdown would trigger the ECB to expand its QE program. Data from Eurozone this week saw the flash services and manufacturing PMI’s both of which managed to come in line with estimates.

NZDUSD (0.63): The Kiwi also saw a strong week led by Fonterra’s upgraded payouts which saw the Kiwi post an intraday rally of nearly 1.5%. However, weak trade balance and a stronger Greenback weighed in pushing NZDUSD to -1.12% losses for the week. Prices look to be supported near 0.6256 which marked the weekly low and a support level where prices managed to bounce off last week as well.