The euro ended yet another week with losses, falling to the lowest level in a year against the dollar and to the lowest in a decade against the yen, as Europe enters the new year with its crisis unresolved.
The trading was slow in the last week of the year and it’s surprising to see the euro to post such a big drop even as volume was thin. The shared European currency was in the news for the whole year as the crisis in Europe was the major theme in the past 12 month. Unfortunately, the news wasn’t good for the common currency of the European Union most of the time.
The euro was rising against the dollar for the whole week, except of Wednesday. The gains were small, though, while the drop was significant, resulting in the loss over the week. The euro also posted a big drop against the pound on Friday with the same result: the weekly gains were erased by one bad day. The movement against the yen was more straightforward as the 17-nation European currency was falling against Japan’s currency for the whole week.
EUR/USD fell from 1.3054 to 1.2957 and reached 1.2857 during the week — the lowest level since September 12, 2010. EUR/GBP dropped from 0.8352 to 0.8331 after jumping to 0.8419. EUR/JPY was down from 101.79 to 99.64, while the weekly low was 99.45 — the lowest level since December 2000.
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