Forex: Weekly review

Haven currencies such as the yen and Swiss franc moved higher on Friday after an unexpectedly weak monthly US employment report.
The dollar fell 0.6 per cent against the yen and slipped to a record low of SFr0.8336 against the Swiss franc after non-farm payrolls data showed just 54,000 jobs were created in May. The market had expected a figure nearer 150,000.
The payrolls data capped off a week of miserable economic indicators that suggested US growth was stalling. A disappointing PMI manufacturing survey, house buying activity, private sector payroll figures and consumer confidence all combined to undermine risk appetite. Better news on the services sector did little to aid a dollar rally.
Over the week, the dollar fell 0.5 per cent against the yen to Y80.38 and lost 1.6 per cent to SFr0.8355 versus the Swiss franc.
 The euro also had a stronger week as traders focused back on interest rate differentials. The US Federal Reserve, following the run of data, looked still some distance away from making a rate move.
The European Central Bank, however, has already lifted its main rate from 1 per cent to 1.25 per cent in May and is expected to deliver a further rise to 1.5 per cent in July.
The euro rose 2 per cent over the week to $1.4602 against the dollar, helped also by growing expectations on Friday of a fresh bail-out deal for Greece.
Sterling fell after weaker than expected services sector data rounded off a poor week of business activity surveys that indicated economic growth in the UK was likely to remain subdued in the coming months.
Sterling was down 0.7 per cent to $1.6391 against the dollar over the week, and had a poor time against most of its rivals, falling 2.8 per cent to £0.8914 against the euro.