Dhaka, Bangladesh (BBN) – The European currency (EUR) initially soared against the Greenback as investors sought higher yielding assets.
EUR advanced as high as 1.5063 against the USD during midweek as global equities soared. USD pared gains towards the end of the week to trade at 1.4744 against the EUR, according to reports.
The British Pound (GBP) seesawed against the USD after UK’s economy unexpectedly contracted in the third quarter. GBP fell to 1.6251 against the USD, paring gains almost overnight to 1.6360 as UK retail sales climbed to the highest level in two years in October. The Sterling continued to hold ground to settle at 1.6434 at the end of the week.
The Japanese Yen (JPY) advanced against the USD during the week as slackening economic recovery has dispelled the need for the Greenback as a safe haven. JPY traded at 90.80 against the USD. JPY also traded at a two-week high at 133.01 against the EUR in Tokyo on Thursday, going as high as 132.82, the highest since mid October.
The Canadian Dollar (CAD) depreciated steadily against the USD to the lowest level in more than three weeks as declines in crude oil, the nation’s largest export, and stocks dampened the demand for higher-yielding assets. CAD touched 1.0814, the weakest level since early October, to finally settle at 1.0769 on Thursday.
BBN/SS/SI/AD-31October09-12:48 pm (BST)