Euro Touches 2-Year Low Before Finance Ministers Meet
The euro touched its lowest level in two years before regional finance ministers gather in Brussels today to discuss crisis-fighting measures adopted by heads of government at a summit last month.
The 17-nation currency held three days of declines before European Central Bank President Mario Draghi addresses European Union lawmakers today. The Japanese currency reached a one-month high versus the euro after Japan released May trade data and as stock declines boosted demand for haven assets. Australia’s dollar dropped after Chinese Premier Wen Jiabao said downward pressure on the economy is still “relatively large,” in remarks reported yesterday.
“The euro group has to provide a lot of nuts and bolts to what had been decided at the EU summit,” said Ulrich Leuchtmann, head of currency strategy at Commerzbank AG in Frankfurt. “If they decide something meaningful those who like it might buy euro-dollar up cautiously, but they will be disappointed as they had been last week by those who are more skeptical” pushing the currency lower.
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