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Forex: Weekly rewiew
Start the U.S. session was accompanied by a fall in the major currencies in Europe: the dollar, the pound and the franc, as in the past at the weekend meetings of finance ministers and the IMF, European leaders failed to introduce additional measures to stop the regional debt crisis.
On Tuesday the yen rose against major counterparts before a government report that economists say will show orders for U.S. durable goods decreased, bolstering demand for the Japanese currency as a haven.
The dollar and the yen declined as stocks rallied around the world on optimism European leaders are close to an agreement to contain the region’s debt crisis, damping demand for refuge.
On Wednesday the euro advanced to a one-week high against the dollar after the European Commission refuted reports that euro-area nations are pushing for private Greek bondholders to accept larger writedowns.
German Chancellor Angela Merkel said she’s waiting for a report from a team of officials from the European Union, European Central Bank and International Monetary Fund on Greece’s progress before deciding whether a second financing package for the country agreed on July 21 needs to be revised.
On Thursday the vote in Berlin on changes to the EFSF allows the fund to buy the bonds of distressed member states and offer emergency loans to governments, raising Germany’s guarantees to 211 billion euros from 123 billion euros.
On Friday the dollar and the yen strengthened as growing evidence that the global economy is slowing boosted investor demand for currencies perceived as being the safest. The 17-nation euro headed for its biggest monthly decline against the yen in more than a year after data showed German retail sales fell by more than economists forecast and U.S. consumer spending slowed in August.
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