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EUR Advances, while GBP Falls to Biggest Weekly Loss vs. the USD
The US dollar posted mixed results as the euro went up versus USD and the pound posted its biggest weekly decline against the dollar ever since the month of August. These mixed results came out as investors are waiting for the G20 summit outlook, which in the end promised to steer clear of declining currencies to promote exports. The stock markets also posted mixed results, as Dow Jones went down by 0.13% and NASDAQ increased by 0.80%. Gold went down by $0.50 to close at $1,325 per ounce, while crude oil went up by 1.4% to end at $81.69 per barrel. Existing Home Sales are anticipated to go up from 4.13M to 4.25M.
After the finance ministers at the G20 summit promised to avoid declining currencies so as to support exports, the euro was able to post gains versus the dollar. The EUR/USD forex trading pair exchanged at a high of 1.3972 and a low of 1.3858. As for the pound, it traded at its biggest weekly decline against the dollar ever since August. This was based on speculations that the G20 summit in South Korea may result into an accord wherein the dollar will be given more support compared to the pound.
Dollar Falls against Most Majors
The forex trading market has been quite volatile over the past week, especially in terms of the US dollar, which have fallen to new lows. After regaining some of its losses, the dollar once again plummeted against many of the majors.
In the Euro zone, positive economic data from Germany helped boost the euro. The German PPI came out at 0.3% instead of the expected 0.2%, helping the euro to trade above the support level and gain some upward momentum. The EUR/USD pair traded at a high of 1.3991 and a low of 1.3699.
The British pound was also able to make gains against the dollar. This gain is largely due to some newly revealed plans for improving the UK’s current budget deficit. The GBP/USD pair traded at a high of 1.5878 and a low of 1.5654.
The yen continued to gain against the dollar, as its momentum continues to surge upward. The USD/JPY traded at a high of 81.82 and a low of 80.84.
The Euro Makes Gains Against Many of the Majors
The forex trading market is still being heavily affected by the US Federal Reserve and its monetary policies. One of the currencies that has been able to make some gains against many of the majors is the euro. The euro gained against the US dollar, the Japanese yen, and the British pound. Against the Japanese yen, the euro was able to gain by 0.17% to close at around the 112.17 mark. Against the British pound, the euro was able to gain by around 0.38% and close at 0.8775. Against the dollar, the euro was able to gain by around 0.46% to close at 1.3792.
The yen was also able to gain against the dollar. In fact, the USD/JPY pair tested the 15-year low that it was able to reach over the past week. The USD/JPY pair was able to hit the 81.20 range during the European trade day before closing at 81.26 to lower by around 0.39%.
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