The FX moves this week leave a lot to be desired

Here are the changes among key dollar pairs on the week as we look to the final day of US trading later:

EUR/USD: -0.1%USD/JPY: +0.9%GBP/USD: -0.2%USD/CHF: +0.3%USD/CAD: -0.3%AUD/USD: +0.6%NZD/USD: -0.2%

Outside of the Japanese yen and perhaps arguably the aussie, the changes on the week are rather insignificant thus far. The mid-week break also didn’t really help in lifting the appetite in markets.

The move higher in USD/JPY owes much to a few reasons, as Adam outlined here. Meanwhile, the aussie is slightly higher after the RBA left the cash rate unchanged at 4.35% on Tuesday. But the central bank did say that they discussed rate hikes at this week’s meeting, so that is helping to put a floor on the currency.

Besides that, the franc is a touch lower after the SNB decided to cut interest rates further. The currency had been enjoying a stellar June up until then, helped by political woes in Europe as well as of late.

Overall, the changes we’re seeing point to a steadier dollar despite US equities keeping its run higher. Instead, the dollar seems to be taking its cue from the bond market. 10-year Treasury yields are also seeing a bit of a back and forth week, seen up just 1.1 bps at 4.234% currently.