Euro Falls Most in a Year on Greek Distress, ECB; Dollar Surges
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The euro had its biggest loss against the dollar in more than a year on speculation the European Central Bank will cut interest rates amid record Greek bond yields and the region’s deepening debt crisis.
The franc posted the largest weekly decline against the euro since the shared currency was introduced in 1999 after the Swiss National Bank imposed a 1.20 ceiling on the currency. The Dollar Index rallied to its strongest weekly result in 13 months as investors sought safety, pushing yields on the 10-year note to a record low before the Federal Reserve holds a policy meeting Sept. 20 and 21.