Deteriorating Euro Debt Situation Stalls Euro

After marking several days of gains, the euro fell against the dollar on concerns that the two summits planned this week to deal with the debt crisis could fail to arrive at a resolution. The euro fell 0.3 percent to $1.3857 at 8:52 a.m. in New York after earlier rising to $1.3954, the highest level since Sept. 8

“There’s no easy solution to the debt crisis, and that leaves the door open for the market to be disappointed,” said Sara Yates, a foreign-exchange strategist at Barclays Plc in London. “Growth prospects are becoming a concern for the market as well. We continue to expect euro downside from here.”

Source: Bloomberg

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