The euro rose against the yen and US dollar as global equities erased losses and European Central Bank governing council members said the bank may step up efforts to ease market tensions.
“People are a little fatigued on policy makers, which is unfortunate because they hold a large portion of control over market sentiment,” said Brian Kim, a currency strategist at Royal Bank of Scotland Group PLC’s RBS Securities unit in Stamford, Connecticut.
“The euro is bouncing and chopping around as stocks move up and down with risk sentiment, he said.
The euro rose 0.7 percent to ￥103.40 at 5pm in New York on Friday. The shared currency gained 0.3 percent to US$1.35, after falling as much as 0.3 percent.
The pound fell for a fifth consecutive week against the US dollar, its longest losing streak in more than a year, amid speculation that the Bank of England will respond to slowing global economic growth.
The British currency fell to an all-time low versus the yen. The IMF this week cut its UK economic growth forecasts for this year and next year to 1.1 percent and 1.6 percent.
The Washington-based IMF previously projected expansion of 1.5 percent and 2.3 percent respectively.
The pound weakened 2.1 percent this week to US$1.5458 at 4:51pm in London on Friday. That’s its steepest weekly drop since November 2010.
The UK currency depreciated 2.7 percent to ￥117.9, after falling to a record low ￥116.84 on Thursday. Sterling was little changed versus the euro at ￡0.874, from ￡0.874 on Sept. 16.
The pound has gained 1.1 percent in the last three months, paring a 12-month decline to 4.4 percent, the worst performer among 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Currency Indexes.
The Swiss franc fell 1.1 percent to SF1.22199 per euro, from SF1.20861. It declined 3.4 percent to SF0.905 per US dollar from SF0.875.
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