The euro hit a 17-month low of US$1.1161 against the US dollar on Monday amid market concerns over France's record-high debt. (Reuters pic)

SINGAPORE: The euro was headed for a fifth straight weekly drop on Friday, though there were signs the selling streak was losing momentum as France's tumbling debt market stabilised and a decline in US yields took some steam out of the dollar's rally.

The common currency had hit a 17-month low of US$1.1161 on Monday on market worries about France's record high debt load and the difficult political path to budget cuts, in contrast with a robust-looking US dollar and US economy.

It has since recovered to trade at US$1.1211, for a fall this week of 0.3% and a five-week drop of more than 3% on the dollar.