The US dollar boosted gains on the day and on its way to gain for the fourth week in a row as markets are optimistic about the US economy, perhaps due to the widening interest rate differentials in favor of the United States is attracting investors to the dollar.
The dollar index rose against a basket of currencies to its highest level in 5 months at 93.41 during the week before settling at 92.70 levels. It will be on course to achieve the longest weekly series of consecutive gains since the last quarter of 2016.
Currently, the euro is under more pressure amidst Italy's political deadlock following the recent elections. The EURUSD is currently trading at 1.1960 levels, near its lowest level since last December.
The trading day was fairly calm after a week full of events and important data, and most of the major pairs remained in a tight trading range.
On the economic calendar today, the most important data was on the Canadian labor market, the economy lost 1.1 thousand jobs in April after adding 32.3 thousand jobs in March, the Canadian dollar fell slightly, as the USDCAD rose to trade currently at levels of 1.2770.
