The dollar continues to rise and the euro near its lowest level in 17 months

The euro fell to 84.83 pence, after falling more than 1% over the past week.

The European currency came under pressure due to concerns about debt and political deadlock in France, in addition to early elections in Spain.

The euro's decline comes as eurozone countries face a sharp rise in French borrowing costs, raising concerns about the spread of pressure to other European debt markets.

Joseph Caporusso of Commonwealth Bank of Australia said his outlook for the euro is very negative, expecting it to fall below $1.10, but noted that this requires a significant drop in oil prices, a greater increase in expectations of European monetary policy tightening, and a serious reduction in the deficit, factors that do not seem likely in the near future.

The dollar rose broadly supported by U.S. Treasury yields that reached high levels compared to past decades.

The dollar rose to 157.92 yen, while the pound sterling fell 0.02% to $1.3222, and the dollar index stabilized at 102.16, after recording its highest level in 18 months in the previous session.

The strength of the dollar came despite the decline in expectations of the Federal Reserve raising interest rates this month, following weaker-than-expected job data, as investors believe the central bank may still need more monetary tightening.

Barclays said that inflation expectations and economic data adjustments reduce the urgency of monetary policy tightening, but rising input costs continue to raise questions about the central bank's ability to keep inflation at 2%.

The Australian dollar fell 0.07% to $0.6967, and the New Zealand dollar by the same percentage to $0.5596.