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FOREX: weekly review
The euro fell last week amid the eurozone’s developing debt crisis.
Over the five sessions, investors saw Portugal’s sovereign rating downgraded to junk status by Moody’s; and a sharp sell-off in Italian bonds and credit default swaps which hit the country’s banking stocks.
The ECB also raised interest rates last week, remaining hawkish on inflation, while influential jobs data from the US were much weaker than expected, thwarting any hopes of a near-term normalisation of US interest rates. These two events briefly supported the euro, but over the week it was concerns over the debt crisis that dominated.
Against the dollar, the euro fell 2.1% last week.
Payrolls expanded only by 18,000 in June after a revised increase of 25,000 in the previous month, the Labor Department reported Friday. The median forecast of economists was for 105,000 more jobs. The unemployment rate unexpectedly increased to 9.2%.
The Canadian currency slid versus the greenback. It earlier rose after the government reported that Canada’s employers added more jobs last month than economists forecast.
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