Economic news

Euro on course to break 6-week losing strip

The euro advanced in early trading on Friday and is poised to snap a six-week losing streak after a fall in Italian bond yields amid relief over an end to three months of political deadlock in Italy.

Photo: Reuters

The single currency was steady at $1.1691. It was on track for a small 0.3 percent rise for the week.

The common currency tumbled earlier this week and Italian bond yields jumped, with 2-year bond yields posting their largest one-day leap in 26 years on Tuesday on concerns that general elections in the euro area’s third largest economy could strengthen the positions of anti-establishment parties.

The dollar index .DXY climbed to 94.02 after posting its largest monthly increase since November 2016 last month. It rebounded back towards a 6-1/2 month peak of 95.03 touched earlier this week.

The loonie traded at C$1.2936, after slipping 0.65 percent in the previous session.

Sterling sank 0.2 percent to $1.3273.

The Japanese yen skidded 0.3 percent to 109.12 a greenback, the biggest drop in more than two weeks.

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