The euro fell to the lowest level in more than a week against the yen as Spanish and Italian borrowing costs rose at debt sales amid concern a European Union summit this week will fail to solve the sovereign debt crisis.
The 17-nation currency was little changed against the dollar after reaching a two-week low yesterday. The greenback weakened against the yen before a report economists said will show U.S. consumer confidence fell for a fourth month in June. Australia’s dollar strengthened versus most of its 16 major counterparts as traders pared bets on an interest-rate cut.
“The euro weakness today is a reflection of the ongoing loss of investor confidence in European policy makers to deal with the crisis effectively,” said Lee Hardman, a foreign- exchange strategist at Bank of Tokyo-Mitsubishi UFJ Ltd. in London. “Unfortunately it still appears likely that conditions will have to get a lot worse before they prompt a more decisive policy response.”
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