Euro gains on sterling

In Europe this week, the euro added 0.5 percent to £0.6795 versus sterling after both the Bank of England and the European Central Bank chose to hold interest rates steady in the face of recent market upsets.

The Japanese yen was also higher on the week, adding 0.9 percent to ¥156.45 against the euro, while it gained 1.4 percent to ¥230.15 versus the pound, and was 3.4 percent higher to ¥78.40 in relation to the New Zealand dollar.

The US dollar declined during the week, pushed lower on Friday after the US Labor Department reported that the US lost 4,000 jobs in August rather than adding 112,000 jobs as had been anticipated, which some analysts believe increases the chances that the Federal reserve will cut US interest rates this month.

During the week, the greenback dropped 1 percent to $1.3770 versus the euro, near a record low, while it fell 0.5 percent to $2.0270 to sterling, was down 1.6 percent to SFr1.1890 against the Swiss franc, and was 1.9 percent lower to ¥113.60 in relation to the yen.

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