Euro Drops in Longest Losing Streak Since 2010 on Debt Turmoil
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The euro fell for a fifth week versus the dollar in its longest losing streak in almost two years on concern Europe’s debt crisis is worsening and as data showed the U.S. labor market is strengthening.
The 17-nation currency slid to a record low against the Australian dollar and traded at the weakest level in more than 11 years versus the yen as demand at bond auctions spurred concern European nations will struggle to sell debt. The pound rose to a 15-month high versus the euro before the European Central Bank meets on Jan. 12. Hungary’s forint tumbled and Fitch Ratings downgraded the country to junk.