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Euro Drops as BOE Cuts Growth Forecast, German Production Falls

The euro weakened after Bank of England Governor Mervyn King cut forecasts for economic growth and said an interest-rate cut may be counterproductive.

The 17-nation currency fell against all of its 16 major peers after reports showed declines in German industrial production and exports added to evidence Europe’s sovereign-debt crisis is hurting the region. The pound appreciated for a second day against the dollar and the euro after the BOE’s quarterly inflation report underperformed projections. The currencies of Sweden and Norway strengthened to multi-year highs against the euro.

via Bloomberg [1]

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