Euro Weaker on Debt Concerns

Investors abandoned the euro after five days of gains and ahead of a European finance ministers meeting set for later today. European Union Economic and Monetary Commissioner Olli Rehn said officials are trying to forge a “comprehensive plan” to contain the fiscal crisis.

“There’s plenty of reasons to be circumspect on the euro after the rally last week,” said Jeremy Stretch, executive director of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “If the markets perceive Germany isn’t so happy to back an increase in the bailout fund that leaves you with a less supportive backdrop.”

Source: Bloomberg

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