The euro dropped the most in a month against the US dollar this week after reports the region＊s sovereign debt crisis may be worsening and signs the global recovery is faltering trimmed appetite for higher yield.
The shared currency fell against 15 of its 16 most-traded counterparts based on speculation the so-called peripheral countries may need increased help from the EU to weather their financial crises.
The yen rose to a 15-year high versus the US dollar and the Swiss franc reached a record against the euro as investors sought refuge assets. The results from Tuesday＊s election for the head of the ruling Democratic Party of Japan may affect the yen.
※Any similar headlines next week that rekindle those concerns about Europe＊s banks and the sovereign debt situation will lead to the euro＊s continued push lower,§ said Omer Esiner, chief market analyst in Washington at Commonwealth Foreign Exchange Inc, a currency brokerage.
The euro dropped 1.7 percent to US$1.2679, from US$1.2896 on Sept. 3. It was the currency＊s largest drop since the period ended Aug. 13. The yen rose 0.2 percent to ﹠84.15 per dollar, reaching ﹠83.35 on Wednesday, the strongest level since May 1995.
The Swiss franc rose for a fifth week against the euro, adding 1.4 percent to SF1.2930 per euro, the longest winning streak since the six weeks ended Feb. 26.
The yen appreciated while comments from Japanese officials suggested they may soon implement measures to curb the currency＊s rally.
The yen has strengthened 15 percent this year in the biggest gain among 10 developed-world counterparts as investors sought it as a refuge, Bloomberg Correlation-Weighted Currency Indices show.
Japanese Finance Minister Yoshihiko Noda said earlier this week he is prepared to take ※bold§ steps on currencies if necessary. Noda said the government is watching markets closely and potential measures to counter the yen＊s appreciation include intervention.
The US dollar dropped against 10 of its most-traded counterparts this week. The New Zealand 〝dollar posted the best performance against the greenback, gaining 1.1 percent to US$0.7285.
Australia＊s dollar rose for a fourth week against its US counterpart, adding 1.1 percent to US$0.9266.
Canada＊s dollar added 0.2 percent to C$1.0370 per US dollar, appreciating for a second straight week.
The pound fell for a fifth week against the US dollar, dropping 0.5 percent to US$1.5380. Against the euro, sterling strengthened 0.9 percent to ﹟0.8274 in the week, snapping a three-week drop.
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