The euro was poised for a fifth straight weekly drop on Friday as oil prices recovered and worries over France’s record public debt lingered, Reuters reported.
A long losing streak
The euro was last down 0.1% at $1.1198 on Friday and off about 0.5% on the week, Reuters reported via Yahoo Finance. The currency hit a 17-month low of $1.1161 on Monday as investors worried about France’s record public debt.
The dollar index stood at 102.25, sterling was at $1.3235 and headed for a seventh weekly decline, and the dollar bought 158.25 yen, according to Reuters.
Oil and the Fed
Eugene Epstein of Moneycorp told Reuters that higher oil prices and the situation in France were both weighing on the currency.
Markets priced a 19.4% chance of a Fed hike at this month’s meeting and an 85.8% chance in December, according to CME FedWatch data cited by Reuters. Reuters added that the calling of a snap election in Spain earlier in the week also weighed on the euro.
Syndicated from The Zevin Intelligence Journal. Canonical points to the journal original.
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