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Euro Weakest Since 2006

U.S. dollar highest in nine years against euro, as volatility jumps in currencies around the world.

By Lananh Nguyen, Bloomberg | Updated on January 05, 2015

The euro weakened to an almost nine-year low versus the dollar amid investor concern Greece might leave the currency union and on speculation the European Central Bank (ECB) has moved closer to large-scale sovereign-bond purchases.

A gauge of the dollar reached the strongest in nine years with the Federal Reserve moving toward raising interest rates. The yen rose to an eight-week high against the euro as a slide in Asian stocks boosted haven demand. Russia’s ruble tumbled as oil fell. Brazil’s real dropped after economists boosted inflation forecasts and cut growth estimates. Volatility jumped to the highest in more than a year.

“The euro seems to be in the worst of all worlds, where nothing seems to be working and all you have is the prospect of more balance-sheet expansion,” Steven Englander, the New York-based head of Group of 10 currency strategy at Citigroup Inc., said by phone. “The outlook remains poor.”

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