Most major currencies sharply depreciated against the US dollar mainly during the second part of the week; many attributed these changes in the forex market to the disappointment from the Fed’s plan to purchase long term securities and no QE3 program. By the end of the week, many currencies slightly regained some of their losses against the US dollar. The ongoing concerns over the Euro Area debt crisis will continue to affect the Euro/USD throughout the rest of the week.
Here is a short review of the changes in major exchange rates including Euro/USD, USD/CAD and GBP/USD for the week of September 19th to September 23rd 2011:
Forex Market Weekly Summary:
Euro/USD declined by 1.34% during the week; this week’s average Euro/USD rate reached 1.361, a 1.1% decrease from the previous week’s average of 1.376; the Euro to US dollar exchange rate finished the week at 1.350.
GBP/USD also declined by 1.63% during the week; this week’s average GBP /USD rate reached 1.557, a 1.45% decline from the previous week’s average of 1.580.
AUD/USD also sharply declined by 4.34% during the week, and AUD/USD weekly average reached 1.007, a 2.47% decrease from the previous week’s average of 1.033; the Australian dollar to US dollar exchange rate reached 0.978 on Friday.
During the week, the average daily percent change of AUD/USD decreased by -1.14%; EURO/USD declined by -0.43%.
In the chart above are the changes in selected exchange rates including Euro/USD and GBP/USD during the week of September 16th up to September 23rd.
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 declined mainly during the second part of the week.
For further reading:
- Weekly Outlook for September 26-30
- Gold & Silver Prices – Daily Outlook September 23
- Gold and silver prices outlook for September 2011
Previous issues of weekly report: