Euro set for biggest weekly rise in 6 weeks

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Reuters UK

By Saikat Chatterjee LONDON (Reuters) – The euro weakened on Friday but was set for its biggest weekly gains in six weeks as traders breathed a sigh of relief after Russia avoided default on dollar-denominated debt and markets weighed the broader impact of the start of the U.S. rate hike cycle. The single currency drifted lower towards the $1.10 levels though the dollar’s broad losses and optimistic comments by European policymakers supported the euro. Dutch central bank chief Klaas Knot said he anticipates only one rate hike this year. A rally on Thursday across global markets including stock…

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