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November 30, 2022
BUSINESS

EUR/USD posts highest weekly close in 16 months

The EUR/USD posted the highest weekly close since December, 2009. The Euro rose for the second week in a row and posted a gain of more than 200 pips. The pair broke above 1.4290 on Friday and soared to 1-year highs, to end the day near 1.4450, according to fxstreet.com website. European Central Bank decision to raise rates supported the rally of the Euro that also finished higher against the Yen and the Loonie and unchanged versus its European rivals. The common currency held strong despite Portugal asking for financial aid.“As long as Spanish and Italian sovereign bond spread do not re-couple (to a larger extent) again with Greece, Ireland and Portugal we expect relative monetary policy to remain the dominating driver of the euro – and not least EUR/USD”, analysts at the Danske Bank wrote on its weekly report.

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