The euro snapped an advance from yesterday before an auction of Italian government debt this week and data today forecast to show Europe’s industrial production dropped the most in seven months.
The 17-nation currency maintained a two-day slide versus the U.K. pound before Greece holds general elections on June 17 amid concern Europe’s fiscal crisis is spreading. The dollar strengthened against the majority of its 16 peers after Spain’s borrowing costs jumped to a 15-year high and Fitch Ratings predicted Prime Minister Mariano Rajoy will miss budget-deficit targets, boosting demand for safer assets.
“There are still sources of concern, including Spain and Italy,” said Junichi Ishikawa, an analyst at a Tokyo-based unit of IG Group Holdings Plc (IGG), a firm in London that lets clients take positions on markets without buying or selling actual securities, currencies or futures. “The downside risks to the euro remain large.”
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