Euro heads for fifth weekly fall as selling pressure begins to ease
The euro recovered to $1.1211 but was heading for a fifth consecutive weekly decline, with cumulative losses of more than 3%.
Update, 9 October 2026, 05:05 Athens time — What changed: the euro was heading for a fifth consecutive weekly decline against the dollar, although the latest moves suggested that selling pressure was easing. It traded at $1.1211 early on Friday, down about 0.3% for the week and more than 3% over five weeks.
It had fallen as low as $1.1161 on Monday, its weakest level in 17 months. The modest recovery did not erase the weekly trend; market prices change continuously and the trading week had not ended at the time of this update.
Why pressure eased
Reuters reported that stabilisation in France's bond market and lower US Treasury yields removed some support from the dollar. Analysts cited by the agency said the euro's downward move looked stretched, but that assessment is not a forecast that the trend will reverse.
Pressure in previous days was linked to concern over France's public debt and the political difficulty of agreeing deficit cuts. The spread between French and German 10-year bond yields had reached nearly 160 basis points in the previous week before narrowing. The spread measures the extra yield investors demand to hold French debt; it is not, by itself, evidence of an imminent default.
The ECB reference rate
The European Central Bank set its official reference rate for 8 October at $1.1186 per euro, up from 1.1177 a day earlier. The reference rate is published for information and is not a retail transaction price.
What it means for Greece
A weaker euro can raise the cost of imports priced in dollars, including some energy and raw materials. The effect is neither automatic nor identical for every product because contracts, hedging, taxes and retail margins also matter.
The exchange-rate move does not by itself change Greek deposit or mortgage rates. Those depend mainly on ECB decisions, each bank's funding costs and the terms of the relevant product.
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