USD loses 1.1 percent to euro over week

USD loses 1.1 percent to euro over week

Story link: USD loses 1.1 percent to euro over week

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The US dollar was lower on the week as a result of reports showing that consumer confidence was lower in September, home sales were down in August, and on the expectation that the Federal Reserve will cut interest rates again in October.

Over the week, the US currency dropped 0.4 percent to SFr1.670 in relation to the Swiss franc, while it fell 0.5 percent to ¥114.90 against the yen, was down 1 percent to $2.04 versus the pound and slid 1.1 percent to $1.4230 as it reached a new series of lows in relation to the euro.

The US dollar also fell in relation to several emerging market currencies as the Turkish lira added 1.5 percent to TL1.2084 to the dollar and the South African rand gained to R$1.8375 to the dollar.

Some analysts however do not believe that the greenback will remain weak indefinitely as exports from Europe suffer as the euro gains in strength.

Sterling also fell versus the euro, dropping 0.2 percent during the week to £0.6980.

The yen was weaker during the week as carry trades gained popularity among investors once again.

The Japanese currency fell 0.5 percent versus both the euro and sterling, to ¥163.50 and ¥234.10 respectively, while it was down 1.6 percent to ¥86.97 in relation to the New Zealand dollar and dropped 1.9 percent to ¥101.72 against the Australian dollar.