Euro approaches fifth week decline
The euro is heading towards its fifth consecutive weekly loss, amid ongoing financial concerns related to the economic situation in France, where the expected French budget deficit exceeds 5.4% of the GDP—above the European Union's permitted limit. Widespread sell-offs of French sovereign assets have pushed the 10-year bond yields to around 4.90% and widened the spread over German bonds to more than 140 basis points, putting downward pressure on the euro's value. Markets continue to await the European Central Bank’s meeting minutes and insights from senior economists regarding the need for further interest rate hikes amidst the deteriorating financial conditions in the Eurozone.
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