Posted July 24, 2011
The euro managed to pull ahead during the week. This due to positive debt crisis deals.
The US dollar gained during the Monday trading session, but the euro struggles to gain. The US dollar gained against most major rival currencies. During the day, investors moved to sell off the euro. This came after poorly received stress tests out of the European banks. In addition to this, the sovereign debt concerns in the euro zone continued to hold back traders. The US dollar managed to move to 75.343 by the end of the trading session in North American trading. That is up from the 75.148 it was at, at the end of the session on Friday. During the day, the euro moved to trade at US $1.4120 which is lower than the US $1.1446 it was at, at the end of the session on Friday. The UK pound moved to US $1.6057 for the day and the US dollar moved to buy Y 79.02 for the day, a change from the Y 79.07 it was at on Friday.
During the Tuesday trading session, the US dollar moved to fell against most of its rivals during the day. This happened as investors turned to more risky assets to make money with. The hope many traders had was that the European officials would be making some progress on cleaning up the euro zone's debt problems. This moved the US dollar index to 75.210 by the end of the trading session in North America. The euro moved to trade at US 1.4125 by the end of the session. Also notable was the move of the Canadian dollar. it spiked sharply during the session to buy 94.95 Canadian cents, which is down from the 95.90 it was at the previous day. The US dollar moved to Y 79.25 for the day.
The Wednesday session brought with it improvements for the euro. The currency stayed near to US $1.42 during the session. This came as more and more investors considered improvements being made against the debt problems in the euro zone. However, there are still concerns in the market. Specifically, there is fear that Washington will struggle to find a solution for repaying its debt problems as well. For the day, the euro moved to trade at US $1.4230 for the day, by the end of the trading session in North America. The US dollar index moved to trade at 74.788 during the day. The US dollar moved to Y 78.76 for the day as well.
During the Thursday trading session, the euro moved over the US $1.44 mark. The euro rallied for the day as the US dollar fell back. This came as a new European Union leader deal emerged where as the leaders agreed to a new US $157 billion bailout for Greece. It also stated that it was committed to helping to stop the debt problems from spreading through the region. The euro moved to trade at US $1.4436 by the end of the North American session. The US dollar index moved to 73.897 for the day.
During the Friday trading session, the US dollar improved for the day. The euphoria pushing investors the day before fell, but the euro still managed to gain 1.5 percent on the week. The euro moved to US $1.4365 by the end of trading in North America. The US dollar index moved to 74.221 for the day as a result. The US dollar bought Y 78.47 by the end of the session and the UK pound feel to US $1.6304 during the day.