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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 Munich-based Ifo institute is forecast to say today that its business climate index for Germany slid to 102.7 in August, a level unseen since March 2010, according to the median estimate of economists in a Bloomberg News survey. That compares with a reading of 103.3 in July.
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. Germany’s Schaeuble will meet French Finance Minister Pierre Moscovici today. Schaeuble said a new aid package for Greece “isn’t the right path” for solving the debt crisis, Tagesspiegel am Sonntag reported over the weekend, citing an interview.
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. The Chicago Fed’s Evans will speak today in Hong Kong and central bank Chairman Ben S. Bernanke will deliver a speech on Aug. 31 at the Kansas City Fed’s annual economic symposium in Jackson Hole, Wyoming.
EUR/USD : during the Asian session the pare traded in the range of $1.2495-$1.2525.
GBP/USD : during the Asian session the pare traded in the range of $1.5795-$1.5820.USD/JPY : during the Asian session the pare rose to Y78.85.
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