It was another week in the red for the currency markets as concerns of risk contagion spreading through Europe and spiralling budget deficits from the so-called PIGS kept risk sentiment largely in check. The majors traded lower against the US Dollar, with the EURUSD and GBPUSD bearing the brunt of the selloff, closing the week 4.03% lower at 1.2358 and 1.4536 (lower by 2.25%) respectively. It was the second consecutive weekly drop of more than 500 points for the EURUSD, which has now touched levels last seen in October 2008, post Lehman's filing for bankruptcy.