NEW YORK, Oct 26: The euro fell against the dollar for a fourth straight day on Friday, hitting a two-week low on concerns about political uncertainty in Greece and fears it may miss its austerity targets.

The euro, down 0.7 per cent on the week, weakened on a report from the International Monetary Fund that said Greek debt would be above the target agreed with international lenders. The Greek government said a deal on Athens’ latest austerity package was being held up by opposition from a coalition ally.

Euro zone finance ministers, called the Eurogroup, will hold a conference call next Wednesday afternoon to discuss Greece, the spokesman for the Eurogroup president said on Friday.

Uncertainty about when Spain will request a bailout that could trigger the European Central Bank’s bond-buying programME also clouded the outlook for the euro.

“People are still concerned about Spain asking for a bailout and Greece remains a problem too. I remain bearish on the euro,” said Lutz Karpowitz, FX strategist at Commerzbank.

The euro hit a low of $1.2881, its lowest since Oct 11. It last traded at $1.2928, down 0.1 per cent on the day.

The single currency dropped more sharply against the safe-haven yen to last trade at 103.14 yen, down 0.7 per cent on the day.

The euro has struggled this week on grim economic data from the euro zone as well as fears about Spain and Greece and fresh signs that the region’s powerhouse, Germany, is struggling.—Reuters