The currency forex trading continued to be volatile during the week as the speculation revolving the future of Greece and its debt’s effect on Europe’s stability remained high. The ECB rate decision to cut the rate by 0.25 percent points may have helped rally the Euro, while the US employment report may have eased the concerns of the US economic progress as it was positive.
Here is a weekly recap of the main changes in major exchange rates including Euro/USD, USD/CAD, AUD/USD and GBP/USD for the week of October 31st to November 4th 2011:
Currency Forex Trading Weekly Summary:
Euro to US Dollar conversion declined by 0.48% during the week; this week’s average Euro/USD rate reached 1.378, a 1.65% decrease from the previous week’s average of 1.402; the Euro to US dollar conversion finished the week at 1.379. AUD/USD also decreased by 2.15% during the week, and AUD/USD weekly average reached 1.040, a 1.39% decrease from the previous week’s average of 1.055. During the week, the average daily percent change of AUD/USD was a 0.61% decrease; for the EURO/USD it was a 0.50% declined.
USD/CAD rose by 1.80% during the week, and this week’s average USD/CAD rate reached 1.012, a 1.06% increase from the previous week’s average of 1.001. The USD/CAD exchange rate reached on Friday 1.019. The news of the disappointing Canadian labor report as the employment fell during October may have helped push up the USD/CAD exchange rate on Friday.
Currency Forex Trading In the Charts:
In the chart above are the changes in Euro to US Dollar conversion and GBP/USD during the week of October 31st to November 4th. It shows the moderate downward trend of these forex exchange rates during the last week.
The last chart presents the daily percent changes of selected forex exchange rates including EURO/USD, GBP/USD, and USD/CAD (or in other words the changes around the trend). In the chart below, the Euro to US Dollar conversion started the week with sharp falls that changed as the week progressed to gains, but by the end of the week it moderately declined.
For further reading:
Previous issues of weekly report: