Euro Heads for Fifth Consecutive Weekly Decline
The euro traded at $1.1226 on the morning of October 9 and was heading for its fifth consecutive weekly loss against the dollar.
Earlier in the week, the common currency had fallen to a 17-month low of $1.1161 amid concerns about France's borrowing costs. Its cumulative decline over the past five weeks exceeded 3%.
Easing selling pressure in France's bond market and declining US Treasury yields slowed the euro's downward momentum. However, pressure on EUR/USD could strengthen again as France's budget problems and political uncertainties persist.
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