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07.11.2011 08:26

Forex: Weekly’s review

On Monday the yen slumped the most since 2008 against the dollar as Japan stepped in to foreign-exchange markets to weaken the currency for the third time this year after its gain to a postwar record threatened exporters.The dollar rose against all its major peers after MF Global Holdings Ltd. filed for bankruptcy after making bets on European sovereign debt, driving stocks down and boosting refuge demand. The euro fell versus the dollar today after rising 1.8 percent last week as China’s official Xinhua News Agency said the nation can’t play the role of “savior” to Europe.

On Tuesday the euro weakened for a third day against the dollar, touching the lowest in almost three weeks, as concern the currency region’s rescue plan will crumble and the European Central Bank will cut interest rates damped demand.The dollar and yen strengthened as stocks slid around the world and data showed Chinese manufacturing slowed. Australia’s dollar slid against most of its major peers after the Reserve Bank of Australia lowered its cash rate target by 25 basis points to 4.5 percent.
On Wednesday the U.S. dollar offset the losses against the euro after the Federal Reserve raised its assessment of the economy. The Central Bank said here that "significant risks" remain, but, still, refrained from taking additional measures to ease monetary policy. The published statistics on the market, employment has also supported the dollar. the euro rose in the first time at this week after the cabinet of Greece supported the call of Prime Minister George Papandreou on the referendum on the plan of salvation of Greece. Greek Prime Minister George Papandreou secured the support of ministers on the issue submitted to referendum, the country assistance plan worth 130 billion euros, but he has to convince the leaders of the eurozone whether the referendum, did not expect such a decision.
On Thursday the euro fell against the dollar, poised for its biggest weekly loss in almost two months, as Group of 20 leaders failed to agree on funding to support European governments’ efforts to contain their debt crisis. The euro pared its declines as commodities reversed a retreat.Canada’s currency tumbled after the nation’s employers unexpectedly eliminated jobs. Employment in Canada fell by 54,000 jobs last month after an increase of 60,900 in September, the nation’s statistics agency reported.The Australian dollar fell for the first time in three days after the Reserve Bank lowered its forecasts for economic growth and inflation forecasts for the next two years as global financial turmoil makes businesses more reluctant to hire.
On Friday the euro rose versus the dollar and yen after Greek Prime Minister George Papandreou signaled he won’t call for a referendum on a bailout package, easing concern voters would reject it and send the nation into default. The dollar dropped as stocks and commodities rallied, damping demand for haven assets.

Market Focus

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