Very Bad Week For US Currency

The US dollar performance was abysmal this week as concern about the slowdown of the US economic growth persists and even the good news weren’t able to weaken the fears. The dollar fell versus all other major currencies this month.

The manufacturing sector showed the signs of the weakness and the GDP slumped in the second quarter of 2010. It’s not surprising that the reports show that the consumer sentiment steadily declines. The Americans are also worried about their employment, despite the number of the jobless claims is decreasing.

In the environment of the uncertainty the Japanese yen thrives, rising against the dollar for the most part of the week. The Great Britain were rising for seven days, even on Wednesday, when it could go below opening level, but closed slightly above it. The euro fell on Friday, but overall the week was bullish for the 16-nation European currency.

EUR/USD rose to 1.3031 from 1.2893 this weak after reaching as high as 1.3106. GBP/USD went up form 1.5412 to 1.5689, while USD/JPY currency pair closed at 86.39 after opening at 87.54.

If you want to comment on the US dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.