Euro Drops to 11-Year Low on Greek Vote After QE; Aussie Falls
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The euro fell to the lowest in more than 11 years versus the dollar on concern an anti-austerity party will take power in Greek elections, exacerbating the currency’s drop after the European Central Bank widened its stimulus program.
The shared currency headed for a sixth weekly decline before the Sunday vote. ECB President Mario Draghi said on Jan. 22 the institution would buy $60 billion euros ($68 billion) a month of debt. A gauge of the U.S. dollar was set for its biggest weekly gain since June 2013 on prospects the U.S. economy will outperform those of Europe and Japan as the Federal Reserve prepares to set policy on Jan. 28. Australia’s dollar declined to the lowest since 2009.