Speaking of the dollar, USDCHF has seen a major reversal over the last three days. After falling to a low of .9065 on Thursday, the pair saw a fierce rally to close the week, rallying by over 250 pips over the last 36 hours.
U.S. stocks fell, pulling the Standard & Poor’s 500 Index down from a record, and the yen strengthened as concern American lawmakers will fail to reach a budget deal overshadowed better-than-estimated economic data. Oil, gold and coffee led commodity gains as the dollar weakened.
China elevated the role of markets in the nation’s economic strategy after President Xi Jinping oversaw a gathering of Communist Party leaders while stopping short for now of unveiling detailed policy shifts.