The euro is on a record losing streak

The euro is falling for the 10th consecutive trading session, marking the currency’s longest losing streak since it was created in 1999, according to analysis by the Financial Times.

The euro is down 0.26% as of 8:44 a.m. (3:44 a.m. ET) at $1.0593. It’s the first time since December 3 last year that the euro has traded below $1.06.

The dollar is getting stronger. The US dollar index climbed to 13-and-a-half year high.

The number of Americans filing for unemployment benefits fell to a 43-year low last week, pointing to a rapidly tightening labour market that could allow the Federal Reserve to raise interest rates next month, strengthening the currency.

The Federal Reserve could raise U.S. interest rates “relatively soon” if economic data keeps pointing to an improving labour market and rising inflation, Fed Chair Janet Yellen said on Thursday in a clear hint the U.S. central bank could hike next month.

Yellen said Fed policymakers at their meeting earlier in November judged that the case for a rate hike had strengthened.

NOW WATCH: JAMES ALTUCHER: This is why owning a home is financial suicide

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.