weekly currency round up Oct 23 to 27, 2011 Standard Chartered Bank

The local call money market rates hovered around commodity market wrap up Brent crude witnessed an upward trend in the past week, according to a press release. Brent crude oil rose above $110 a barrel Monday after stronger Chinese manufacturing data suggested the world economy would avoid a double-dip recession, supporting fuel consumption. Brent crude futures further rose on the middle of the week after European leaders struck a deal with private holders of Greek debt to write down half their holdings and agreed to boost the region's rescue fund. Trading volume was relatively higher in the last week. US dollar Bangladesh taka rates continued the grind higher in the past week. On Sunday and Monday the market was trading in a similar range, but then US dollar resumed its upward trend from Tuesday. Market liquidity continued to remain tight throughout the past week. Euro on average witnessed downward trend in the past week. On Monday it fell further against a basket of major currencies, it was also flat against yen. Again, euro was further down Tuesday, it stayed close to a six-week high hit against dollar supported by expectations European leaders would deliver a convincing plan to contain the region's debt crisis. Euro and commodity currencies stayed under a bit of pressure early in Asia Wednesday. On the other hand, the euro jumped a seven-week high Thursday. US dollar witnessed downward trend in the past week. US dollar fell broadly Friday and hit a record low against yen on speculation Europe was closer to solving its debt crisis and talk the Federal Reserve might take new measures to boost growth. Again, dollar got weakened Tuesday, falling to a six-week low versus the pound and five-week low versus Swiss franc as European stocks and US equity futures turned positive and risk appetite picked up ahead of an EU summit Wednesday. Sterling witnessed an upward trend this week.