The euro headed for a sixth weekly decline against the dollar after an expansion in the European Central Bank’s bond-buying program pared yields on German bunds relative to U.S. Treasuries.
Australia’s currency held a four-day drop after monetary easing by the ECB and Bank of Canada this week spurred speculation the Reserve Bank of Australia will lower borrowing costs. A gauge of the U.S. dollar climbed to its highest since 2004 on prospects America will outperform Europe and Japan, allowing the Federal Reserve to become the first central bank among the major economies to raise interest rates this year.
“The euro has more downside as the monetary policy divergence will likely become clear with the Fed meeting next week,” said Etsuko Yamashita, chief economist at Sumitomo Mitsui Banking Corp. in New York. “The ECB’s decision implies quantitative easing will last for a considerably long time and is spurring euro selling in reaction.”
Bloomberg
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