Euro Down to Weakest Level in 2 Years on Economic Outlook

The euro dropped to the lowest weekly level versus the dollar in more than two years as investors sought safety amid concern Europe’s sovereign-debt turmoil is worsening.

The yen rose for a third week against the greenback, the longest winning stretch in almost a year. The euro pared its loss versus the dollar yesterday amid speculation global central banks will take further action to sustain faltering economic growth. Federal Reserve Chairman Ben S. Bernanke will testify to Congress next week about the U.S. outlook.