Overall, the currency market continued to trade on weak momentum during the European session. The majors experienced an increase in liquidity during the London open, but it seems this experience was short-lived. Most likely, the U.S. open will add some extra liquidity to the market as investors prepare to wrap-up for the weekend. 

The Euro (Eur/Usd) traded on relatively weak momentum during the overnight session. The pair moved lower during the Asian session, but surged somewhat higher after the London open. Now, the euro trades, once again, near at the Asian session opening price. This week, the euro is heading for the biggest weekly gain against the dollar.

In February, the German PPI was released at -0.5%, lower than market’s expectations. However, the year-over-year read has fallen to 0.9% in February, from 2.0% in January. The largest upward pressure came from energy products in the prior months, but now this trend seems to be reversing, dragging the whole index lower.

The Pound (Gbp/Usd) fell approximately 70 pips during the Asian session, but recovered everything and added a few more pips during the European trading hours. If the pair breaks anywhere higher, the pound will run into the 100-day simple moving average. 

The Aussie (Aud/Usd) strengthened for the ninth consecutive day overnight, the longest winning streak in long time. The pair gained 40 pips during the overnight session, but still trades below the area where it had topped in the last day of trading.

The Cad (Usd/Cad) traded in a tight range during the Asian session, but eventually the pair moved lower after the London open. For now, the pair trades just below the 100-day simple moving average, after the pair formed a bullish pin bar on Thursday.

The Swissy (Usd/Chf) fell 50 pips during the overnight session, and re-tested the 200-day simple moving average, the same place where it bottomed during the last day of trading. Additionally, the pair is trading at the lowest value touched since January, even though the SNB intervened in the currency market.

The Yen (Usd/Yen) traded below the neutral pivot point (94.90) during the overnight session, but tried, a couple of times, to break above. In the last few days, the yen was sold heavily, breaking below the 200-pip range that held the pair for almost three weeks.