Euro Remains Lower Before German Business Confidence Data

The euro remained lower following a drop at the end of last week before a report today that may show German business confidence fell to a two-year low, adding to evidence Europe’s debt crisis is hurting its economies.

The 17-nation currency also maintained a decline versus the majority of its 16 peers before German Finance Minister Wolfgang Schaeuble meets his French counterpart today to discuss Greek budget targets. Demand for the dollar was limited before Federal Reserve Bank of Chicago President Charles Evans speaks today amid speculation the U.S. central bank will expand monetary easing that may debase the currency.

“We can see fundamentals deteriorating in the euro region,” said Kengo Suzuki, a currency strategist in Tokyo at Mizuho Securities Co., a unit of Japan’s third-largest bank by market value. “The euro is in a long-term downtrend.”

via Bloomberg

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