Euro Falls vs. Dollar, Erases Gains vs. Yen, Investors Afraid of Debt Crisis
The euro fell against the US dollar on concerns that the debt crisis may again threaten to spread across Europe. The currency also pared its gains versus the Japanese yen, which were caused by improving business climate in Germany.
Eurozone finance ministers are scheduled to meet in Copenhagen on March 30 to discuss possible methods for reinforcing financial firewall against the crisis. Italian Prime Minister Mario Monti made Forex traders nervous ahead of the meeting as he said that Spain may reignite the debt crisis and stated that “it doesn’t take much to recreate risks of contagion”. The euro slipped, following the earlier gains against the yen on the improving German business climate.
EUR/USD fell from 1.3270 to 1.3235 as of 10:21 GMT today, while daily minimum was 1.3192. EUR/JPY traded at 109.58, following the earlier advance from 109.34 to 109.84.
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