Market news
25.07.2011, 07:05

Forex: Weekly review

The euro rallied sharply this week as European leaders struck a second bail-out deal for debt-stricken Greece.
The single currency climbed to a two-week high against the dollar as confidence rose that the €109bn rescue package for Greece agreed at an EU summit on Thursday could contain the eurozone’s debt crisis.
Over the week, the euro rose 1.4 per cent to $1.4352 against the dollar, climbed 0.4 per cent to Y112.40 against the yen and was 0.4 per cent stronger at £0.8807 against the pound.
The single currency also advanced against the Swiss franc, which has surged higher in recent months as investors have sort refuge from the eurozone debt crisis.
The euro, which just on Monday hit a record low of SFr1.1403 against the Swiss franc, rose 1.6 per cent to SFr1.1723 on the week.
The Swiss franc also dropped 0.2 per cent to SFr0.8165 against the dollar and was down 1.2 per cent at SFr1.3303 against the pound.
Other European currencies also advanced while haven demand for the dollar eased as the rescue deal boosted investor sentiment. Ongoing wrangling in Washington over a new budget deal also weighed on the dollar.
The pound rose 1 per cent to $1.6295 against the dollar on the week, the Swedish krona climbed 1.9 per cent to SKr6.3530 and the Norwegian krone gained 2.3 per cent to NKr5.4285.
Rising risk appetite also boosted commodity-linked currencies with the Australian dollar climbing 2 per cent to $1.0850 against the US dollar on the week and the New Zealand dollar rising 2.2 per cent to a fresh 30-year high of $0.8642.
Over the week, the dollar also dropped 1 per cent to Y78.28 against the yen.

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