Longest losing run in the history of the Euro is looming.

If U.S. jobs statistics released later in the day do not cause the currently all-dominant greenback to fall, the euro was set to post its eleventh consecutive week of losses versus the dollar on Friday.

The dollar index, which compares the currency to six major peers while giving the euro the most weight, is on course to post gains for a 12th straight week. This has been the case for the majority of the euro/dollar swings.

It reached this milestone the last time in 2014.

Recent gains in the dollar have been supported by a sharp sell-off in US government bonds that drove yields to multi-year highs.

Investors finally accepted that central banks will keep rates high for a long time, especially in the United States where economic data has been resilient. This was fuelled by an array of asset managers' capitulation who had been long on government bonds, higher crude oil prices, an abundance of supply of government and corporate bonds, and investors' acceptance of the fact that central banks will keep rates high for a long time.

Bond prices stabilising in the middle of this week gave other currencies some breathing room, but U.S. non-farm payrolls data (coming at 13:30 GMT) may change that.

(Sources: investing.com, reuters.com)