Euro faces largest weekly drop

The euro is headed for its biggest weekly decline against the dollar in approximately four months, due to market concerns over France's financial situation and the tightening monetary policies pursued by the U.S. Federal Reserve. Although it rose on Friday following a decline in oil prices, the euro continues to face pressure from European economic worries, including Germany's fragile position, deteriorating fiscal and political conditions in France, and escalating risks of political and security events in the region. The euro’s decline reflects the impacts of rising energy prices and the widening yield gap between French and German bonds, which has reached its highest level since the Eurozone debt crisis of 2011.

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