Most major currencies changed direction from the last week of September as the risky currencies appreciated during last week against the USD; the main reports that may have affected forex traders include the recent U.S. labor report and Canada’s employment report. The forex community continues to keep close tabs on the developments in Europe regarding the debt crisis and the U.S.’s economic progress.
Here is a weekly recap of the main changes in major exchange rates including Euro/USD, AUD/USD and GBP/USD for the week of October 3rd to October 7th 2011:
Forex Market Weekly Summary:
Euro/USD inclined by 1.53% during the week; this week’s average Euro/USD rate reached 1.334, a 1.42% decrease from the previous week’s average of 1.353; the Euro to US dollar exchange rate finished the week at 1.338.
USD/CAD declined by 1.44% during the week, but this week’s average USD/CAD rate reached 1.045, a 1.13% decline from the previous week’s average of 1.033. The USD/CAD exchange rate reached on Friday 1.040.
AUD/USD sharply inclined by 2.53% during the week, but AUD/USD weekly average reached 0.965, a 1.43% decrease from the previous week’s average of 0.977.
During the week, the average daily percent change of AUD/USD increased by 0.22%; EURO/USD declined by -0.01%.
In the chart above are the changes in selected exchange rates including Euro/USD and GBP/USD during the week of October 3rd to October 7th. It shows the moderate upward trend of these exchange rates.
The last chart is of the daily percent changes of selected exchange rates including GBP-USD, EURO/USD and USD/CAD (or in other words the changes around the trend). It shows that the EURO/USD exchange rate sharply declined on Monday, but on Tuesday sharply recovered.
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Previous issues of weekly report: