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 Ã¢â‚¬Å“comprehensive planÃ¢â‚¬Â to contain the fiscal crisis.
Ã¢â‚¬Å“ThereÃ¢â‚¬â„¢s plenty of reasons to be circumspect on the euro after the rally last week,Ã¢â‚¬Â said Jeremy Stretch, executive director of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. Ã¢â‚¬Å“If the markets perceive Germany isnÃ¢â‚¬â„¢t so happy to back an increase in the bailout fund that leaves you with a less supportive backdrop.Ã¢â‚¬Â
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