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Forex Flash: USD to trade back-and forth this week – Wells Fargo

By FXstreet.com,  April 30, 2012, 10:00:00 AM EDT

FXstreet.com (Barcelona) - Dovish hints from the Fed after US Q1 GDP below expectations is boosting the JPY, according to Wells Fargo analysts. "The yen is also benefiting from renewed Eurozone jitters, which are in turn weighing on the euro", wrote currency strategist Vassili Serebriakov, pointing to Spain's Q1 GDP contraction that indicates the technical recession to likely worsen "the country's already challenging fiscal outlook".

A busy week with monetary policy announcements and US NFP is expected to see a ranging greenback: "With global economic trends and monetary policy signals remaining mixed, the dollar should remain in a back-and-forth rather than directional pattern, and we see the FX markets struggling to break decisively out of the current trading ranges for the time being", Serebriakov adds.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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