The FINANCIAL — The Dollar Index fell for a fifth consecutive day in its longest losing streak since October as unemployment in the US unexpectedly dropped last month to a two-year low, spurring appetite for higher-yielding assets, according to gulfnews.
The US currency dropped for the week against the majority of its 16-most traded peers as stocks climbed. The euro surged after people familiar said a proposal to channel central bank loans through the International Monetary Fund may deliver up to €200 billion to fight the region's debt crisis. Reports earlier last week showed US manufacturing expanded and consumer confidence climbed.
The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against the currencies of six major US trade partners including the euro and yen, fell 0.2 per cent to 78.149 in New York, from 78.295 on Thursday. It reached a seven-week high of 79.702 on November 25.At a November 29 meeting attended by European Central Bank President Mario Draghi, euro-area finance ministers gave the go- ahead for work on the IMF plan, sources said. The need for a new crisis-containment tool emerged as the effort to boost the region's €440 billion rescue fund to €1 trillion fell short.
The yen weakened versus most of its major peers as Japanese Finance Minister Jun Azumi said he'll take action on speculative currency moves.