The euro slipped below $1.13 on Thursday, trading as low as about $1.1238, its weakest level since May 2025 — even as the S&P 500 eked out a 0.2 percent gain and snapped a three-day losing streak.
The dollar's bid was the 10-year Treasury. The note's yield tagged 5.344 percent, the highest since 2002, before easing toward 5.24 percent. The 30-year also printed a 24-year high. The S&P 500 closed at 7,666.45, the Dow at 50,926.56, and the Nasdaq Composite at 26,871.60, each up less than a quarter of a percent. All three remain on track for weekly losses. London fell 1.7 percent and Paris 1.6 percent. The dollar was coming off a sixth consecutive quarterly gain against a basket of currencies. French fiscal worry and German political noise added a European own-goal.
Oil's jump to $102 Brent did not help the euro, which also weakened against the yen and the Swiss franc. Friday's September payrolls are the next test: the Dow Jones consensus is 84,000 jobs and an unemployment rate still at 4.1 percent. Fed-funds futures implied about a 72 percent chance the central bank stands pat in October. U.S. stock futures were little changed Thursday night. Japan's Nikkei was set to open lower on the oil spike. Mainland China markets are shut for the holiday.
The second-order split is who pays the long end. American equities can rally a fraction on a yield pullback from a 2002 high and call it relief. The euro at a 17-month low is the foreign-exchange verdict that Europe's rates and politics cannot match that bid. A soft jobs number may keep October empty at the Fed. It will not automatically put $1.13 back under the euro if the 10-year still owns the tape.
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