Major FX Currencies Performance the Previous Week Against the Greenback - 17.9.2012
The best performing counterpart of the US dollar the previous week was the single currency as the German court allowed ratification of the ESM and the FOMC started a third round of asset purchases boosting the value of Euro from $1.2806 to $1.3110. Gold followed with 1.97% profits as an inflation hedge instrument. Next winner against the greenback was the Swissy advancing by 1.89% as the SNB held the EURCHF minimum exchange rate at 1.20.
Furthermore, the Aussie gained 1.68% against the greenback on growing negative sentiment for US dollar after Moody’s warning for a possible downgrade of the US government debt. Next was the British pound gaining up to 1.36%, immediately followed by the Loonie which appreciated by 0.81% as the USDCAD dropped to more than 1-year low. Finally the Yen lost slightly by 0.10% amid speculation the Bank of Japan will intervene in FOREX market.