By zainab.joaque@awokonewspaper.sl
Freetown, SIERRA LEONE – In the week leading up to August 30, 2024, the Euro (€) displayed considerable volatility, emerging as the most unstable major currency during this period.
For the week, the Euro’s selling rate began at 25.0496 on August 26 but faced a downward trend, dropping to 24.8556 by August 29. A modest rebound was observed on August 30, with the rate slightly rising to 24.8989.
Regarding the buying rate, it started at 25.2562 on August 26. This rate fell to 25.1052 by August 29 and stabilized at 25.1066 on August 30.
As the week concluded, the Euro’s performance against major currencies showcased its significant fluctuations. The currency started robustly but encountered notable challenges midweek. By August 29, the Euro’s decline indicated concerns about its weakening position against both the US Dollar ($) and the British Pound (£).
In contrast, the US Dollar exhibited a steady upward trend, with its selling rate rising from 22.3842 to 22.4445 over the same period. This consistent strengthening highlighted the Dollar’s appeal as a safe-haven asset amid global uncertainties.
The British Pound also demonstrated resilience, with a slight increase in value against the Euro. By August 30, the Pound’s selling rate had risen to 29.5998, reflecting ongoing demand.
Despite the Euro’s slight recovery to 24.8989 on the final day of the week, it remained below its initial level, underscoring the ongoing challenges it faces. The Euro’s volatile performance against the US Dollar and British Pound highlights a period of intense competition and shifting economic dynamics.
Looking forward, the Euro’s ability to stabilize and regain strength will be closely watched by traders and analysts, given the evolving landscape of international finance. ZIJ/2/9/2024
