Euro headed for eight week of losses against US dollar

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Europe

Euro headed for eight week of losses against US dollar

The euro is on course for an eighth straight week of losses against the dollar. That's as investors respond to a widening difference between the eurozone's faltering economy and more robust growth in the US. The currency has lost more than 5 percent since mid-July to trade at around one dollar 7 cents against the greenback and comes amid a string of weak economic data in the eurozone. The bloc's official second-quarter growth figure was revised down from 0.3 percent to 0.1 percent. Europe's powerhouse, Germany saw industrial production fall for a third straight month in July, while jobless claims in the US fell unexpectedly, raising the likelihood of a pause to the federal reserves's rate-hike cycle.