The euro fell for second day before the European Central Bank meets tomorrow to discuss measures to tackle the debt crisis.
ECB President Mario Draghi told lawmakers in a closed-door session in Brussels this week the bankâ€™s primary mandate compels it to intervene in bond markets to ensure the euroâ€™s survival. The 17-nation currency remained lower versus most of its major counterparts before data forecast to show retail sales declined and services contracted in the euro area. The Australian dollar touched a six-week low before the government reports second- quarter gross domestic product today.
â€œA lot of expectations have been built into the ECB meeting since President Draghiâ€™s comments,â€ said Yuki Sakasai, a currency strategist at Barclays Plc in New York. â€œThereâ€™s a risk of a disappointment, so the euro may face some downward pressure into the meeting.â€
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