Dhaka, Bangladesh (BBN)- The European currency (EUR) rose to a new 14 month high against the US Dollar (USD) in the last week as soaring quarterly profits of Wall Street banks boosted market optimism and whetted investor appetite for higher-yielding currencies and assets.
The EUR went as high as 1.4946 against the USD on Wednesday, the highest since August 2008, according to reports.
The British Pound Sterling (GBP) gained as UK unemployment rates were less than forecasted last month. GBP oscillated this week from a five-week low of 1.5700 against the Greenback to a three-week high of 1.6268. GBP also touched a three-week high of 142.23 against the Japanese Yen (JPY) on Thursday.
The Australian Dollar (AUD) rose to a 14-month high against the USD as investors were encouraged to buy the higher-yielding growth-linked currency. AUD went up to 0.9197 against the USD, the highest since August 2008.
Canada’s currency (CAD) advanced to a 14-month high over the week as stocks and commodities rose. CAD touched 1.0207 against the USD, the strongest level since July 2008. CAD saw a decline to 1.0346 this morning after crude oil prices fell slightly.
BBN/SS/SI/AD-17October09-4:09 pm (BST)