Euro in Longest Losing Stretch in 18 Months as Crisis Spreads
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The euro slid for a fourth week, its longest losing streak versus the dollar in 18 months, as Germany’s struggle with a bond auction signaled Europe’s debt crisis is touching the region’s most fiscally sound nations.
The 17-nation currency fell for a third week against the yen as Belgium’s credit rating was downgraded and before the nation auctions securities next week, including 10-year debt. Italy and France will also sell bonds next week. The dollar gained against all of its most-traded peers after Congress’s budget supercommittee failed to reach agreement on cutting the U.S. deficit, sending investors to the safety of Treasuries.