Euro set for biggest weekly drop in 7 years as war in Ukraine intensifies -Breaking
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© Reuters. FILEPHOTO: A board with the U.S. dollars and euros is seen by women as they walk along a street in Saint Petersburg on February 25, 2022. REUTERS/Anton Vaganov2/2
LONDON (Reuters – On Friday, the euro suffered its largest weekly fall in seven year against the Swiss franc. This was due to investors selling the single currency amid the intensifying conflict in Ukraine.
The Russian invasion of Ukraine has made Europe’s economy most vulnerable. Investors have increased their selling of single currency as the economic outlook worsened.
The euro lost 0.7% against the Swiss Franc this week, bringing its loss to over 3%. This puts the euro on pace for its biggest weekly decline since January 2015.
The euro was traded at 1.008 Francs last time.
1.10 was the lowest price for euro since May 2020. The dollar fell by 0.8%. This week, it is at its lowest level since April 2020.
On Friday, a huge fire broke out at Europe’s largest nuclear power plant. Officials said that the plant was now operating as normal after being seized by Russian forces during fighting that caused worldwide alarm.
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