Most major currencies such as GBP, AUD, and CAD started the week with sharp falls against the U.S dollar, but soon enough they have changed direction during the second part of the week and started to appreciate against the USD. The main reports that may have affected forex traders include the recent U.S. jobless claims report, the rise in the Philly Fed index and the decline in U.S. existing home sales in September. The forex traders continue to look towards the EU summit in Brussels on Sunday, October 23rd regarding the next move of EU policymakers in regards to the European debt crisis.
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 17th to October 21st 2011:
Forex Market Weekly Summary:
Euro/USD inclined by 1.16% during the week; this week’s average Euro/USD rate reached 1.379, a 0.28% increase from the previous week’s average of 1.375; the Euro to US dollar exchange rate finished the week at 1.390.
USD/CAD declined by 1.65% during the week, and this week’s average USD/CAD rate reached 1.016, a 0.46% decrease from the previous week’s average of 1.021. The USD/CAD exchange rate reached on Friday 1.007.
AUD/USD sharply rose by 1.22% during the week, and AUD/USD weekly average reached 1.025, a 1.22% increase from the previous week’s average of 1.013.
During the week, the average daily percent change of AUD/USD was a 0.08% increase; EURO/USD slightly inclined by only 0.02%.
In the chart above are the changes in Euro/USD and GBP/USD during the week of October 17th to October 21st. It demonstrates the moderate upward trend these exchange rates had mainly during the second half of the week.
The last chart presents the daily percent changes of selected exchange rates including EURO/USD, GBP/USD, and USD/CAD (or in other words the changes around the trend). In the chart, the EURO/USD exchange rate started off the week with sharp falls and throughout the week it shifted to gains by the end of the week.
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Previous issues of weekly report: