Posted On: July 06, 2012
The value of the shared currency of the European Union fell for a third consecutive day Friday against the Japanese yen in the aftermath of poor industrial production in Spain, Bloomberg reports
The euro was barreling toward its worst weekly performance against the U.S. dollar since December of last year as 10-year bonds issued by Spain dropped and drove toward 7 percent. Friday's losses were a continuation of those from Thursday, which occurred after the European Central Bank slashed interest rates to record lows.
"The euro is down because we have seen rates crushed this week and they are going to stay low for a long time," senior foreign-exchange strategist Paul Robson with Royal Bank of Scotland Group in London told Bloomberg. "The U.S. payroll number will give quite a lot of guidance about market expectations about quantitative easing."
Thus far this week, the euro has lost about 2.3 percent of its value against the U.S. dollar, the sharpest weekly loss since December 16.
The euro was at its five-week low against the U.S. dollar on Friday, according to
Category: Industry News
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