Euro Set for Biggest Weekly Drop in 7 Months Amid Debt Concerns
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The euro headed for the biggest weekly drop against the yen in seven months as Spain’s rising borrowing costs fueled concern that the region is failing to contain its debt crisis.
The 17-nation currency traded at almost a three-week low versus the dollar before data next week that may show German exports fell and growth in French industrial production slowed, adding to evidence that the fiscal woes are hampering the region’s economies. Demand for the greenback was supported as data indicating a recovery in the U.S. labor market damped speculation the Federal Reserve will add new stimulus. The yen gained against its peers as Asian stocks fell for a third day.