The dollar’s
sharp rally ran out of steam last week as traders booked profits after a strong
run that had seen it rise more than 4% since the start of the month. The
dollar index, which tracks its value against a basket of six major currencies,
stormed to a seven-month high on Tuesday. The dollar also
hit a six-month high of $1.4628 against the euro on Tuesday but struggled to
maintain its gains later in the week.
Nevertheless, the
dollar lost 0.9% to $1.4820 against the euro over the week, fell 0.5%
to Y109.95 against the yen and dropped 0.2% to SFr1.0950
against the Swiss franc. The dollar also
underperformed against commodity-driven currencies, losing 1.2% to
C$1.0458 against the Canadian dollar on the week, falling 0.4% to
$0.8701 against the Australian dollar and dropping 1% to $0.7130 against
the New Zealand
dollar.
Federal Reserve Chairman Ben S. Bernanke said Friday
that a drop in commodities, a stable dollar and slowing growth should
stem inflation. He added in a speech in Jackson Hole, Wyoming, that the
inflation outlook remains ``highly uncertain'' and the Fed ``is
committed to achieving medium-term price stability and will act as
necessary'' to achieve that goal.
Euro was supported by stronger-than-expected ZEW index, that rebounded to -55,5 in Aug after 16-years low in July. But the 1991 года уровня в июле. The euro partly weakened Friday as the European Union statistics office said that industrial orders in the 15 countries that use the currency fell 7.4% from a year earlier, the most since December 2001.