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Euro zone debt woes, GDP data to guide rupee this week
The US dollar was in the spotlight on the global financial markets last week as market participants awaited guidance on US monetary policy from US Federal Reserve chairman Ben Bernanke.
Speculation that Bernanke might use a speech at Jackson Hole, Wyoming, on Friday to signal a third round of monetary quantitative easing, QE3, weighed on the greenback early in the week.
The Fed chief had used the same forum to announce QE2 a year ago.
But the US dollar found some respite as expectations for QE3 were reined in later in the week and rallied further after Bernanke did not announce any fresh measures to stimulate the US economy during his speech on Friday. The Fed chief said that the US economy hasn’t deteriorated enough to need immediate stimulus, fuelling appetite for riskier assets.
Over the week, the US dollar fell 0.7% against the euro and was up 0.6% against the pound. The greenback also rose 2.7% to a one-month high against the Swiss franc as the Swiss National Bank continued operations in the foreign exchange forward market to drive down interest rates and suppress demand for its currency.
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