Economic news

Euro inches up but on course for worst week in almost four months

The euro rose versus the dollar on Friday but the common currency was still on track for its worst week since October after the downturn in global equity markets moved traders to reduce their positions.

Photo: Reuters

The single European currency rose 0.2 percent to $1.227, having dipped 1.47 percent versus the greenback this week. So far this year, the euro climbed 2.28 percent higher. It breached a three-year top of $1.2538 in late January.

A solid growth of the EU economy fueled anticipations the European Central Bank will start to shrink its balance sheet more quickly than expected.

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