Posted October 24, 2011
US dollar down .3 percent for week. All concern on euro zone debt.
The Monday trading session bought investors back to the market with a focus on the rising value of the dollar over the euro. The US dollar improved against many of its competitors. This came after Angela Merkel's spokesperson played down the likelihood that the European leaders will have worked out a solution to the euro zone debt problems by the coming weekend when a summit is occurring. The US dollar index moved the currency from a position of 76.645 at the end of the Friday trading session in New York to 77.162 by the end of the Monday session. The euro moved from US $1.3875 on Friday to US $1.3741 by the end of Monday. The US dollar moved to Y 77.25 on Friday and moved to trade at 76.81 by the end of the Monday session.
The Tuesday trading session turned the US dollar down against the euro. This came after reports indicated the both Germany and France had agreed to provide a two trillion euro rescue fund that would be a likely part of the comprehensive debt resolution plan that would help to stem the current debt concerns plaguing the euro zone. This pushed the US stock market higher and helped to encourage currency investors to move towards more risk. The euro moved up to US $1.361 in morning trading but settled for the day at US $1.3802 in North American trading. the US dollar index moved the currency to 76.915 for the day. The US dollar moved to trade at Y 76.83 for the day as well.
Just as they came they went as the Wednesday trading session brought with it a drop in the euro's value during the day's session. The day was choppy with concerns still focused on the European debt crisis. Numerous experts debated what could happen and what was likely and yet there was no decision made that seemed to provide a relief to the anxieties investors were dealing with. This managed to push the euro to US $1.3745 for the day, which was still slightly up after an up and down session. The US dollar index moved the currency to 77.152 though it hit a low of 76.574 during the day's trading. The US dollar moved to trade at Y 76.79 for the day.
The Thursday trading session brought with it an opportunity for the euro to edge up just slightly during most of the day's trading. The day's session was very erratic as investors looked for information and most traders did not find any benefit in the European leaders' movements to help reduce the euro zoen debt crisis concern levels. Both Germany and France released a statement during the day noting that no final decision would occur until the summit occurring over the upcoming weekend. The euro moved to trade at US $1.3773 by the end of the day while the US dollar index moved the currency to 76.982. The US dollar moved to trade at Y 76.85 as well.
The final day of the week saw the US dollar fall against the euro and most other competitors while also hitting a record low against the yen. The markets seemed to be seeing an unwinding of positions after the market hit a key level. The euro managed to gain with the upcoming summit of the European Leaders scheduled for the day. The US dollar moved to trade at Y 75.76 for the day. The US dollar index moved to 76.404. Against the euro, the currency moved to US $1.3865 for the day.