Euro

The euro is lower Friday as traders cite the likelihood of more weakness for the embattled currency.

Traders said some investors unloaded part of their dollar holdings later as they fretted about comments from the newly minted Treasury Secretary Timothy Geithner that the Obama Administration believes China is manipulating the value of its currency, despite his backing of a strong-dollar policy.

The comments about China fueled a wave of selling in long-dated U.S. Treasury securities amid concern that China may retaliate by unloading its massive amount of government debt holdings. That will raise borrowing costs for the U.S. government, businesses and consumers while further worsening the trade deficit in the U.S.


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