Forex traders failed to take advantage of earlier US Dollar gains, so, position squaring ahead of a long US weekend has pushed the Japanese Yen, Euro, British Pound and Swiss Franc back towards the comfort zones of trading ranges of the past few days.
The Japanese Yen was unable to entice new US Dollar longs at a 118.85 high and has sunk back to 118.30. The Euro has especially benefited from this bout of squaring up taking the currency to the 1.1920 level where we started the week. The Swiss Franc has perked back to the 1.3100 level after looking very shaky at 1.3175 at mid session. Traders in the British Pound like wise too the currency back to 1.7400, where we started the week. This was most disappointing for the US Dollar bulls who had seen the British Pound as the currency most likely to buckle under the weight of apathy.
