Week of Euro Growth

Posted July 06, 2011

Austerity measures focal point. US dollar down on euro risk seeking.

 

 

Monday, June 27th

During the Monday currency trading session, the euro moved up for the day against the US dollar as well as other currencies. This was due in part to the encouraged viewpoint that investors took as they watched as Greek lawmakers took to voting on austerity measures for the country that promised to provide a better likelihood that the country would see a bailout to help it overcome its current debt problems. For the day, the euro moved up from US $1.4165 at the end of trading in North America on Friday to US $1.4275 for the day on Monday. The US Dollar Index moved the US dollar to 75.338 by the end of the Monday session which is a move from the 75.695 it stood at on Friday. The Australian dollar moved to US $1.0436 for the day from US $1.0495 on Friday. In addition, the US dollar moved to Y 80.86 from a position of Y 80.55 on Friday.

Tuesday, June 28th

During the Tuesday session, the euro continued its rise against the US dollar. This came after comments from Jean Claude Trichet who is the president of the European Central Bank. He managed to move to the euro zone's management of inflationary factors and hinted that an interest rate hike may be coming. The euro moved to US $1.4366 for the day, though it fell as low as US $1.4236 during the session, after the news. The US Dollar Index moved the currency to 75.059 for the day as well. The Australian dollar moved to US $1.0546 for the day. The US dollar moved to Y 81.14 and the UK pound moved to US $1.5945.

Wednesday, June 29th

The Wednesday trading session continued to see a rise for the euro as more investors fled their safe haven US dollar. The euro moved to the highest level it has been at in the last two weeks during the session. This came after Greece took new steps to get out of its debt concerns. The euro managed to move to US $1.4448 during the day but ended at US $1.4431 for the day. In addition, the US Dollar Index moved to 74.682 for the day. The US dollar moved to Y 80.89 for the day. The UK pound moved to US $1.6061 for the day as well. Also notable was that the euro moved to buy Y 116.71 for the day.

Thursday, June 30th

The Thursday session saw another day of the euro moving up against the US dollar. It moved to a three week high during the trading session. The euro moved to US $1.4521 for the day after the Greece's parliament voted and approved legislation that would put in place some of the most stringent austerity measures the country has seen. After the vote the euro moved to US $1.4537 immediately after. The US Dollar Index moved to 74.314 for the day. The UK pound moved to US $1.6069 for the day. The US dollar traded at Y 80.47 by the close of business.

Friday, July 1st

Friday was the first day that the US dollar managed to trade up against the euro. This came as a US consumer sentiment report came in with bigger than expected declines. This cut some of the expectations brewing in the US economic growth factor. The US Dollar Index moved up to 74.693 for the day. The euro moved to US $1.4508 for the day. The UK pound moved to trade at US $1.6069 while the US dollar moved to Y 80.84 as well.

 

 

 

Comment