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Session Recap: USD extends gains; USD/JPY jumps to 102 and AUD/USD tests parity

FXstreet.com (San Francisco) - The Greenback rose further on Friday with no clear catalyst for the strengthening. With no relevant data today in the economic calendar, Yields could be the reason as the 10Y rose 0.29% 1.90%.

However, the Dollar soared to 4-year highs against the Yen, 1-month high against the Euro and testing the parity against the AUD for first time since August 2012.

The G7 has started its 2-day meeting but no news across the wires. The only hint was the Japanese Finance Minister saying that the group didn't talk about Forex rates.

The EUR/USD ended the week below the 1.300 level but the pair hols above the 1.2950 key price. The GBP/USD tested the 1.5310 area, the USD/JPY jumped to the 102.00 and the AUD/USD is closing at 1.0010 after reaching fresh multi-month lows at 0.9960.

Main headlines in the American session:

Canada: Unemployment rate remained at 7.2% in April

Bernanke’s speech – link to full text

Philly Fed forecasters survey: Q2 US GDP seen at 1.8% from 2.3%

US Treasury yields continue to rise; reach 1.90%

Wall Street closes higher for day and week

Japanese FinMin Aso: FX rates not discussed at G7

Wall Street closes up for day and week

After jumping up the final half hour, Wall Street closed Friday modestly higher and the week with strong gains as risk appetite has prevailed throughout the whole week. Nasdaq was the best performed of the major indexes while the Dow and the S&P closed just below record highs.
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Forex: EUR/USD completes 200 pips decline in two days but remains above 1.2950

There is a mixed outlook for the EUR/USD according to the FXstreet.com Currencies Forecast as the banks are bearish while the traders are bullish following the tough week the market is closing. On Thursday, unexpected dollar strength rocked the markets with the USD/JPY breaking ferociously the 100.00 mark and shaking the majors.
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