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Euro Heads for Annual Decline

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

By Keith Jenkins and Kristine Aquino, Bloomberg | Updated on December 30, 2011

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.

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