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The euro weakened after German Chancellor Angela Merkel’s spokesman said Europe’s leaders won’t provide the quick resolution to the region’s debt crisis that global policy makers are pushing for at a summit this weekend.
The 17-nation currency retreated from a one-month high against the dollar, following last week’s biggest advance in more than two years.
The pound declined versus the dollar and the yen on concern the Bank of England’s additional stimulus measures won’t be enough to revive growth.
Group of 20 finance ministers and central bankers concluded weekend talks in Paris endorsing parts of the emerging plan to avoid a Greek default, bolster banks and curb contagion. They set the Oct. 23 summit of European leaders in Brussels as the deadline for it to be delivered.
The yen and the dollar strengthened against major currencies as European stocks erased gains.
EUR/USD: the pair decreased below $1,3800.
GBP/USD: the pair showed low in $1.5730 area then grown.
USD/JPY: the pair showed high in Y77,40 area, but receded later.
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