The US dollar was the weakest currency on the Forex market during the past trading week as the constant stream of poor economic data muted speculations about an early interest rate hike from the Federal Reserve.
The week started poorly for the dollar as the International Monetary Fund shocked the market making a negative revision for US economic growth. The poor luck of the greenback persisted through the whole week as the string of lackluster economic indicators resulted in a huge slump of the US currency. The dollar slowed its downfall by the weekend but remained extremely weak.
The Japanese yen was another soft currency even though the week started on the positive note for the yen.
As for the winners, the Swiss franc and the Canadian dollar were among the strongest currencies on the Forex market. The Swissie benefited from concerns about Greece while the loonie got support from rallying oil prices.
EUR/USD rallied from 1.0584 to 1.0817 over the week. GBP/USD jumped from 1.4618 to 1.4962. USD/JPY slid from 120.32 to 118.80 while USD/CAD tumbled from 1.2576 to 1.2226, reaching the weekly low of 1.2087 — the weakest rate since January 21.
If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.
Be First to Comment