FXstreet.com (CÃ³rdoba) - U.S. markets finished Friday in negative erasing weekly gains and putting an end to a four week streak with gains. The Dow Jones lost 0.80% and Nasdaq 1.20% but in the last hour stocks managed to recover rising far from intra-day lows. Crude-oil tumbled more than 4% and finished below $68 a barrel. The Yen was again the best performer among currencies followed by the Dollar. The Euro fell across the board. A weak number on consumer confidence sent markets lower increasing questions about the recovery.
EUR/USD dropped below 1.4200 to 1.4160 and ended the week near the same opening prices. The Euro also fell against CHF and GBP. EUR/CHF plunged from 1.5300 to 1.5220. The pair suffered the biggest weekly loss since March. Against the Pound, the Euro failed to confirm levels above 0.8600 and weakened.
The Japanese currency was the best performer on Friday and also for the week. The Yen rallied across the board. USD/JPY fell below 95.00 to 94.40. A week ago the pair was traded at 97.80, on Friday it closes the week, 300 pips below at 94.78. EUR/JPY tested the lows of the week at 134.00 but it was not able to break below. Same situation applies to GBP/JPY that rebounded at 155.75 (intra-week low). Both pairs finished the week with important losses.
The Swiss Franc lost ground against the Dollar but a smaller pace than the Euro. USD/CHF rose above key level at 1.0730 to 1.0750; but as Wall Street headed toward the closing bell the Swissy recovered and the pair went back below 1.0730.