Euro falls as oil moves off lows, set for fifth straight weekly drop
UUP•UUP•UUP•UUP•The euro fell 0.15% to $1.1192 and was down about 0.5% for the week, putting it on track for a fifth consecutive weekly decline. The dollar index rose 0.18% to 102.30, while oil prices recovered from earlier lows.
The euro was headed for a fifth straight weekly drop on Friday as early gains faded while oil prices recovered from earlier lows. It had hit a 17-month low of $1.1161 on Monday as investors weighed France’s public debt and political obstacles to budget cuts.
The dollar index rose 0.18% to 102.30 and was up about 0.3% for the week, on track for a fourth consecutive weekly gain. U.S. crude fell 0.13% to $91.37 a barrel after reaching $90.01, while Brent slipped 0.15% to $104.10 after falling to $102.33.
Markets priced a 19.4% chance of a Federal Reserve rate hike of at least 25 basis points at its later-month meeting and an 85.8% chance of a hike in December. Risk premiums on French and Italian government debt were on track to decline for the week after rising in late September.
