US dollar generally stronger over week

Both the Australian and New Zealand dollars gained on the yen during the week. The Aussie added 1 percent to ¥102.50 in relation to the Japanese currency, while the kiwi gained 0.8 percent to ¥91.55. Both currencies were also higher versus the US dollar after the Reserve Bank of New Zealand raised interest rates there to 8 percent and unemployment dropped substantially in Australia. The New Zealand dollar gained 1.2 percent on the greenback to $0.7526, while the Australian dollar added 1.3 percent to $0.8426.

The US currency was also lower against the yen, dropping 0.3 percent to ¥121.70. The US dollar was generally stronger over the week, however. The greenback added 0.7 percent to $1.3350 versus the euro, while it gained 0.8 percent to $1.9670 in relation to sterling. The greenback also did well in relation to emerging markets currencies, gaining 2.5 percent versus the Turkish lira to TL1.3450 and adding 3 percent to R7.2850 in relation to the South African rand.

The yen gained in relation to the euro and sterling. The Japanese currency added 0.9 percent to ¥162.50 against the euro, while it gained 1percent to ¥239.30 in relation to sterling. Sterling was hurt by the Bank of England decision to hold interest rates at 5.5 percent, while the euro was not helped by the European Central Bank’s decision to raise interest rates to 4 percent.

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