The U.S. Dollar had a mixed performance last week, rising sharply against the commodities currencies, where it gained 3.9% versus the Aussie, 3.6% against the Kiwi and a slightly less dramatic 2.5% vis-à-vis the Loonie.

Nevertheless, the Greenback declined 1.5% and 0.9% against the Euro and Sterling respectively, and the Dollar also fell sharply against the Yen by 2.3%.

Furthermore, Gold also had a major reality check, dropping over $60 per ounce at one point last week and settling at $1,207.70 per ounce for the Comex August gold futures contract on Friday.

Crude oil was also down considerably, with August NYMEX Crude futures closing at $72.14 per barrel. The weakness in commodity markets translated into big gains for the U.S. Dollar and the Japanese Yen against the Aussie, Loonie and Kiwi.

The Canadian Dollar's considerable weakness versus the Greenback was largely attributed to falling crude oil prices. Furthermore, a significant drop in Canada's Raw Materials Price Index - which declined -7.2% and considerably worse than the 0.3% expected decline - also probably contributed to the Loonie weakness.

The Dollar's loss of ground versus the European currencies primarily came on the back of on weaker U.S. economic numbers, as well as positive signs from the ECB, since European banks borrowed less than expected at an auction of debt securities held on Wednesday.