The euro moved up and down this week as the investor sentiment improved after Greece and Spain auctioned their debts, but the gains of the currency were restrained by the concern for the global growth, fueled by the bad economic indicators of the U.S. economy.
The euro dropped against the U.S. dollar on Monday, then was rising for the three day, and on Friday slightly fell again. The moves versus the Japanese yen were rather volatile as every day of losses were succeeded by day of gains; as a result, EUR/JPY currency pair closed this week near its opening level. The 16-nation European currency was rising for almost entire week against the Australian and Canadian currencies.
There is significant weakness remains in the euro. But as the focus of concerns shifts to the U.S., the shared Europe’s currency may rise higher. Of course, totally opposite may happen and the concerns, caused by the U.S., may drag the euro down.
EUR/USD closed at 1.2926 after opening at 1.2641 and reaching the highest level in the week of 1.2641. EUR/JPY closed at 112.01 after it opened at 112.10.
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