Dollar hits 17-month high on euro
The US dollar headed for its third straight weekly gain as a global bond market rout and French fiscal concerns weighed heavily on the euro. Investors also braced for upcoming US jobs data to gauge the Federal Reserve policy outlook.
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The United States dollar headed for its third straight week of gains on Friday morning, driven by a global bond rout and fiscal worries in France that left the EUR/USD hovering near its lowest in 17 months at $1.1237. The currency surge reflects a flight into liquid sovereign debt as investors grapple with escalating energy costs and heavy government borrowing. The broader greenback advance signals intense caution across European markets ahead of critical labor market data.
