Christine Lagarde, president of the European Central Bank, said she has “huge confidence” the US will not allow the country to default on its own debt during an interview on CBS’ “Face the Nation” Sunday.

“I just cannot believe that they would let such a major, major disaster happen,” Lagarde said, adding if a debt default did happen, it would have a “very, very negative impact” both in the US and around the world.

“(The US is) a major leader in economic growth around the world. It cannot let that happen,” Lagarde said.

EUR/USD update

EUR/USD fell 0.48% to 1.0993 on Friday after earlier hitting 1.10755, its highest in around a year.