It was a week a surprises. While BoE delivered that a 25bps hike, four of the nine MPC members have indeed voted for a 50bps raise. However, there was no follow through buying as BoE indicated only "modest" tightening would follow. Also, the event was overshadowed by ECB's unexpected hawkish turn. Then, after US ADP report set up rather low expectation for non-farm payroll, NFP hit the markets with a bang. Still, Dollar ended as the worst performing one even though it tried to strike a late come back. Yen was the second worst, followed by Canadian Dollar. Euro was the runaway winner, followed by Australian and then New Zealand Dollar. Sterling just ended mixed with Swiss. |
