Dhaka, Bangladesh (BBN) – The US Dollar (USD) strengthened during the week reaching 1.4144 against Euro (EUR) on Wednesday. Economic recovery expectations fueled by optimistic employment figures boosted demand for US assets.
The British Pound (GBP) weakened to 1.6456 against USD during the week. Drop in UK stocks and Bank of England’s continuing asset purchase program combined with repots exhibiting sluggish economic growth dimmed recovery expectations.
The Japanese Yen (JPY) advanced to 135.46 against EUR after dropping initially due to reports encouraging Japanese investors to buy overseas assets. JPY rebounded after concerns about prolonged European financial turmoil and drop in Asian equities boosted demand for safer assets, according to reports.
The Canadian Dollar (CAD) dropped to 1.1015 against USD during the week as global stocks retreated, commodities declined and investor appetite for higher-yielding currencies augmented.
BBN/SS/SSR/AD-15August09-12:44 am (BST)