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EUR/USD lowest weekly close since June 2013

FXStreet (Córdoba) - The euro reached on Friday a fresh 14-month low against the US dollar around 1.2830 and finished trading at the lows, losing 120 pips for the week. The last time EUR/USD posted a weekly gain was in July; since then it has fallen almost 800 pips.

On Wednesday EUR/USD dropped sharply after FOMC statement; on Thursday rose suggesting the possibility of a stronger bounce but on Friday, weakened again and fell back, approaching 1.2800.

EUR/USD week ahead

After a week with the first new LTRO operation and the FED, next week calendar will be lighter. The ECB is attempting to boost economic activity and fighting deflation. Mario Draghi will speak to the European Parliament on Monday. On Tuesday the preliminary PMI report for the Eurozone (and also from China) will be released and it would be a good opportunity to see how the economy is doing currently in the region.

In the US, there will be data from the housing sector, durable goods orders (Thursday) and a new GDP reading for the second quarter (Friday). Analyst also expect that trader will continue to digest what happened in the last few days.

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