Dollar heads for fourth straight weekly gain versus euro

Packs of 20-euro notes are seen at the Bank of Portugal fortified complex in Carregado, Alenquer, Portugal, May 17, 2022. Picture taken May 17, 2022. REUTERS/Pedro Nunes/File Photo

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NEW YORK, Oct 2 : The dollar was on track for a fourth straight weekly gain against the euro on Friday, supported by elevated US Treasury yields amid a selloff in European government bond markets and expectations the Federal Reserve will maintain its hawkish interest rate stance.

The greenback trimmed some of its recent gains after data showed US job growth in September fell short of economists' expectations and the unemployment rate edged up to 4.2 per cent. Benchmark 10-year Treasury yields also slipped after the report and were last trading at 5.191 per cent.

Still, the dollar remained underpinned by US yields that are hovering near multi-decade highs, rising concerns over the fiscal outlook in parts of Europe, and higher oil prices. The increase in crude prices has prompted some investors to reduce exposure to currencies of major energy importers, including the euro and the yen.

The euro is on track for its fourth straight week of losses against the dollar, the longest such stretch since mid-May 2025. It was last up 0.39 per cent at $1.1285.

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