Weekly Movement of Euro

This was not bad week for the euro as the currency rose against some other majors, though the European currency is far from doing well as many other most-traded currencies outperformed it.

The euro has begun this week against the U.S. dollar and the Japanese yen from an unfavorable starting position as the possibility of the default in Hungary caused concern that the sovereign-debt crisis is spreading, which caused the drop of the euro. Then the concern about the crisis was eased and the favorable data from Asia supported the bright outlook for the future of the global economy, supporting the shared European currency, yet another hit came from the U.S., where the retail sales were much lesser then expected, returning the uncertainty on the markets.

The Great Britain pound and the Swiss franc apparently were harmed even more by the uncertainty as the euro surged by the end of the week versus these currencies, erasing previous losses. The Monday’s gains against the Australian and New Zealand currencies were pared by the losses for the rest of the week. Against the Canadian dollar the euro performed awfully, managing to gain only yesterday after the streak of losses over the whole week.

EUR/USD closed at 1.2093 after it opened at 1.1946 and reached its highest level of 1.2151 this week. EUR/CAD closed at 1.2500 after opening at 1.2671 and reaching its lowest weekly level of 1.2450. EUR/AUD closed at 1.4217 after opening at 1.4516.

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