Euro Heads for Annual Decline

Currency sees first two-year decrease against the dollar since 2001 on debt crisis.

The euro weakened against the dollar, set for its first back-to-back annual decline versus the greenback since 2001, on concern Europe’s debt crisis will weigh on the region’s economic growth.

The 17-nation currency fell for a sixth day against the yen, its longest losing streak in a year, before a report next week that economists said will confirm European manufacturing shrank for a fifth month. The Australian and New Zealand dollars rose as stocks gained before reports forecast to show the U.S. economy is recovering. China’s yuan climbed to a 17-year high on signs the central bank favors the currency’s appreciation to prevent capital outflows.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Advertisement. Closing in 15 seconds.