The Euro remains on track for a record 12th week of declines against the Dollar unless US jobs data on Friday drive USD lower.

The single currency was down 0.16% at the time of writing to $1.0533, just above Tuesday’s 10-month low of $1.0448, but on course for a weekly decline of 0.2%, the longest since its introduction in 1999.

Moves in the Euro/Dollar have been predominantly Dollar-driven, with the Dollar index – measuring the greenback against six major peers – veering towards the 12th consecutive week of gains.

Recent strength in the Dollar has been bolstered by a swift sell-off in US government bonds, which drove yields to multi-year highs, Reuters reports.

Other currencies had a reprieve midweek when bond prices steadied, yet this could change with the looming US non-farm payrolls data.

“The pause in the bond sell-off is granting some room for recovery for most currencies against the Dollar. Today’s US payrolls are. However, the big event of the week and a strong read could easily put markets back on a bearish track and reignite aggressive Dollar buying,” stated Francesco Pesole, ING FX strategist.

Sterling, which earlier in the week declined to a six-month low before making a rebound, fell 0.18% to $1.2169, whilst the Dollar also rose against the Japanese Yen, up 0.3% at 148.97.

The steep drop in Dollar/Yen on Tuesday to 147.30 fuelled speculation that Japanese authorities may have intervened in the currency market to boost the Yen, yet data from the Bank of Japan (BOJ) appeared to indicate otherwise.

“Whether the BOJ and/or (Ministry of Finance) will intervene at distinct levels … will continue to be a tease, contingent on broader currency markets and momentum,” stated Vishnu Varathan, head of economics and strategy at Mizuho Bank.

Elsewhere, Russia’s Rouble gained ground on Friday after falling to over a seven-week low past 101 against the greenback. At the time of writing, the Rouble was up 0.3% against the Dollar at 100.13 after previously falling to 101.50, its weakest since mid-August.