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The euro slid to a record low versus the Swiss franc as concern increased that European leaders may not be able to find common ground on a Greek bailout.
European Central Bank President Jean-Claude Trichet and German Finance Minister Wolfgang Schaeuble are at odds about whether Greek bondholders should be compelled to incur losses in the nation’s second bailout in 14 months.
The dollar dropped against most of its counterparts before a report this week forecast to show U.S. retail sales declined in May. Retail sales in the U.S. fell 0.5% in May, the first drop since June. The Commerce Department will release the report June 14.
Luxembourg’s Prime Minister Jean-Claude Juncker, who leads the group of euro-area finance ministers, said that any bailout for Greece must include “voluntary” investor participation. Juncker is trying to bridge the gap between Germany’s Schaeuble, who wants Greek bondholders to accept longer maturities of up to seven years on the debt, and Trichet, who said imposing losses on creditors would be akin to a default.
New Zealand’s dollar fell after its second-biggest city was struck by aftershocks of the February earthquake.
The yen weakened versus most of its major peers after a report showed Japan’s factory orders declined 3.3% in April from March, when they rose 1%, the Cabinet Office said today.
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