Forex: Weekly review

The euro lost ground against the dollar and dropped to a record low against the Swiss franc this week as worries over Greece’s fiscal crisis continued to undermine the single currency.

The weakness in the euro came amid continued uncertainty that Athens would be able to avoid defaulting on its debt obligations.

This was despite the Greek government winning a vote of confidence in parliament, which could pave the way for the implementation of an austerity budget and a fresh rescue package from its eurozone partners and the International Monetary Fund.

Analysts remained bearish on the single currency, however, given the possibility that the troubles in Greece could foster contagion to other indebted countries on the periphery of the eurozone.

Gabriel de Kock at Morgan Stanley said he expected the euro to fall to $1.36 against the dollar by the end of the year.

In addition, Mr de Kock said the fact that the European Central Bank was likely to continue raising eurozone interest rates could add to the pressure on the euro.

Over the week, the euro fell 0.9 per cent to $1.4179 against the dollar, lost 0.5 per cent to Y113.86 against the yen and dropped 2.2 per cent to SFr1.1867 against the Swiss franc.

The euro advanced against the pound, however, rising 0.3 per cent to £0.8862 over the week as the minutes of the Bank of England’s June policy meeting revealed that it was considering further quantitative easing to fuel the UK’s fragile recovery.

Sterling also dropped 1.2 per cent to a three-month low of $1.5993 against the dollar on the week.

The dollar found support elsewhere after Ben Bernanke, Federal Reserve chairman, confirmed the end of quantitative easing in the US, giving no hints that additional monetary stimulus would be forthcoming in the near future.

Over the week, the dollar gained 0.3 per cent to Y80.29 against the yen, rose 0.9 per cent to $1.0529 against the Australian dollar and climbed 0.3 per cent to $C0.9826 against the Canadian dollar.

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