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Forex: Friday’s review
On Friday the euro rose to a three-week high against the dollar after German Chancellor Angela Merkel and French President Francois Hollande said that they will do everything necessary to protect the single currency. The single currency showed its first weekly gain against the dollar since June.
The dollar rose against the yen to its highest level for the week after, as U.S. growth slowed in the second quarter, less than economists forecast. U.S. gross domestic product grew by 1.5 percent per year, after a revised growth of 2% in the previous quarter. The average forecast was at + 1.4%. Japan's currency weakened against the U.S. dollar after the GDP data, which caused a decrease in the yield on two-year bonds at levels up to 0.25%. The yen fell against major currencies after government data showed a decrease in the consumer price index in Japan, which is evidence that people are struggling with deflation.
The Canadian dollar rose to a 10-week high against the U.S. dollar, as stock prices and oil prices rose on a background of demand for riskier assets.
Currency closer to parity with the dollar after a report showed the U.S. economy, which is the largest trading partner, Canada, has expanded at a slower pace in the second quarter.
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