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FX Weekly Recap: January 1 – 5, 2024

The British pound was king of pips this week, edging out the U.S dollar who fell from the top spot in the final moments of trade due to weak U.S. updates on Friday.

On the other end of the spectrum, the Japanese yen lost big as traders heavily reduced bets that the Bank of Japan (BOJ) will ditch its easy monetary policies in 2024.

AUD and NZD took heavy hits from the overall risk-averse trading environment while European currencies like EUR and CHF managed to recoup some of their early week losses but closed the week mixed.

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