The euro declined versus the US dollar this week as the summit of the European Union leaders brought the disappointing results, making market participants question the ability of the EU to resolve the debt crisis. Still, against some currencies the euro managed to post gains.
On Monday the euro retained its upward momentum from the previous week. The currency reversed its trend on the next day and started a decline. The EU summit began on Thursday, helping the euro to rise. But on Friday, when it became clear that the optimism for the resolution of the EU
That’s the movement of the euro versus the dollar. While the euro’s move against other currencies generally followed this pattern, the outcome of the week was rather different, depending of a currency in question. The weakness of the yen allowed the euro to end the week almost unchanged from where it started. The European currency managed to gain against the Great Britain pound and the Swiss franc. The euro’s moves versus the commodity currencies, like the Australian and Canadian dollars, were noticeably different as the euro was sliding versus them almost
EUR/USD opened at 1.4177, rallied to 1.4248, the highest level since November 4, and ended at 1.4086. EUR/JPY closed at 114.58, near the opening level of 114.65, after reaching the weekly high of 115.52 and the weekly low of 113.55. EUR/AUD posted the losses for every day of this week, following two consecutive sessions of decline last week, resulting in the seven straight days of losses. The currency pair slumped from 1.4234 to 1.3728, erasing the gains of the previous week.
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