Futures Market News
Euro struggles against yen, dollar
Jul 06, 2012 11:31 AM
Friday saw the common currency of the European Union lose value again against the Japanese yen as the embattled 17-nation currency is on a three-day losing streak against the monetary unit of the Pacific Rim nation, according to Bloomberg.
Spain, which is toiling under the duress of the sovereign debt crisis, is reporting poor industrial production. The euro was driving toward its worst weekly performance against the world's reserve currency since late last year. Spain's 10-year bonds were performing poorly and pushed toward the 7 percent figure. The euro's losses on Friday resumed Thursday slump, which was prompted by the central bank of Europe cutting interest rates to record laws.
"The economic fundamentals surrounding the euro area look dire," researcher Takuya Kawabata with Gaitame.com Research Institute in Tokyo told Bloomberg. "We can't expect any economic indicators that can bolster the euro."
The euro's losses this week against the U.S. dollar are roughly 2.3 percent, the worst performance since week-ended December 16.
Reuters reports the 17-nation monetary unit stooped to its lowest value in five weeks against the U.S. dollar on Friday.
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