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The euro (EUR) plugged its losing streak against the dollar on Friday but ended the week as the worst-performing currency due to rising recession worries. The sell-off in the single currency spilled over to the Swiss franc (CHF), which closed the week as the second-worst performer.
The British pound (GBP) came under intense pressure after UK Prime Minister Boris Johnson tendered his resignation after another scandal. The Japanese yen (JPY) suffered additional weakness due to a rebound in US Treasury bonds. Meanwhile, the shocking news of the unfortunate assassination of former Prime Minister Shinzo Abe did not affect the yen.
The US dollar (USD) recorded a solid performance on impressive economic data last week and ended the week as one of the top-performing currencies. The Australian dollar (AUD) and Kiwi (NZD) also showed decent strength in their performances, while the Canadian dollar (CAD) traded on a mixed sentiment.
Euro Nears Parity with USD Amid Worsening Sell-Off
Euro’s decline resumed last week, bringing it close to parity with the dollar. EUR bears took a cue from the ongoing crisis in gas and energy due to the prolonged Russia-Ukraine war. That said, Europe faces a greater risk of a longer and deeper recession than other top economies because of the direct impact of the geopolitical crisis.
The dreary outlook prevented the European Central Bank (ECB) from doing more with its monetary policy to combat inflation. The ECB remains relatively loose with its monetary policy, while other top central banks, except the Bank of Japan (BoJ), have enacted tightening measures to ease inflation.
That said, the road ahead holds more gloomy possibilities for the euro, with parity to the dollar a near-term outcome.
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