Dhaka, Bangladesh (BBN) – The US Dollar (USD) advanced to a two week high of 1.4078 against the Euro (EUR) on Tuesday as declining world equities prompted investors to cut risk exposure.
However on Thursday the dollar dropped near a week low of 1.4235 against EUR on conjecture that upcoming reports will exhibit positive economic outlook, according to reports.
The British Pound (GBP) weakened initially to 1.6381 against USD on lower UK housing prices and Bank of England’s decision to augment their asset purchase program. The GBP strengthened to 1.6475 against the Greenback on Thursday after analysts’ estimated upbeat UK retail sales.
The Japanese Yen (JPY) advanced earlier in the week to 94.93 against USD after regulators closed five US based lenders. However towards the end of the week JPY declined to 94.09 against USD as recovery expectations diminished demand for the currency as a refuge.
The Canadian Dollar (CAD) depreciated to a month low initially on falling commodities and equities. The CAD closed the week on rise due to rebound in commodities and increased Canadian factory sales.
BBN/SS/SI/AD-22August09-11:28 pm (BST)