Euro Is Near 22-Month Low After European Summit

24/05/2012 06:10 AST  Bloomberg

The euro was 0.2 percent from the lowest level since July 2010 after German Chancellor Angela Merkel said following a European Union summit that her nation stands by its opposition to jointly issued common bonds.

The 17-nation currency maintained a drop versus the yen before data forecast to show Europe’s services and manufacturing industries shrank for a fourth month. The Japanese and U.S. currencies remained higher after gaining yesterday against most major counterparts on increasing demand for haven assets amid Europe’s deepening debt crisis. New Zealand’s dollar halted a two-day slide as the nation reported an increased trade surplus.

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