The euro breached the $1.35 level for the first time since February yet was able to recover and close flat versus the US dollar, though it still ended the week with losses. The currency gained on some other majors, including the Japanese yen and the Great Britain pound.
While the euro was under pressure from risk aversion initially, the currency managed to recover after risk aversion. Of course, concerns about the economic health of the European Union remain, but for now the shared 18-nation currency gained ground.
Worse-than expected economic indicators from the United States were beneficial for the euro too. The preliminary reading of the consumer sentiment, released by University of Michigan, showed decline instead of expected improvement. The Conference Board leading indicators for the USA grew, but the growth was two times below the expected rate.
EUR/USD slid from 1.3525 to 1.3491, the lowest rate since February 6, but bounced to settle at 1.3524. EUR/JPY advanced from 136.85 to 137.07. EUR/GBP gained from 0.7907 to 0.7915, reaching the high of 0.7933 intraday.
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