Dhaka, Bangladesh (BBN) - The week started with Euro (EUR) rising to its highest in more than two months against the USD, boosted by general optimism about the Euro Zone crisis and injection of cheap money from the European Central Bank.
The Japanese Yen (JPY), meanwhile, tumbled across the board. Against the EUR, the JPY fell to its lowest in nearly four months, a weekly market update said.
The Japanese currency retreated in recent weeks following a surprise easing by the Bank of Japan, a fall in the country's current account surplus and a rise in short-term U.S. bond yields.
The last week ended with EUR facing heavy losses in Asia as investors cut bullish positions after key events including the European Central Bank's cash injection passed without surprise, according to the update.
Markets had bought the EUR and commodity currencies ahead of the well-flagged European Central Bank event, believing those funds would help ease funding strains in the banking system and shore up the Euro Zone sovereign bond market.
BBN/SSR/AD-03Mar12-11:14 am (BST)
