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The euro fell for the first time in three days against the dollar as European finance ministers attempt to meet a self-imposed deadline for funding from the International Monetary Fund to address the region’s debt crisis. The 17-nation European currency has depreciated 2.8 percent versus the dollar this year and 6.6 percent against the yen. After falling to its weakest level against the dollar since January, the euro is poised to depreciate further as measures in the derivatives market show traders expect the blueprint unveiled by European leaders this month for a closer fiscal accord will fail to stem the declines.
The dollar rose against the yen after North Korean said leader Kim Jong Il died, spurring concern instability may increase in Asia. Japan’s currency has advanced 4.6 percent in 2011 against nine developed-nation counterparts, according to Bloomberg Correlation-Weighted Indexes, as investors sought the safest investments amid Europe’s sovereign-debt crisis. The dollar is the next-best performer, strengthening 1.8 percent, while the euro has depreciated 1 percent. Kim died of exhaustion two days ago, the official Korean Central News Agency said. His death ended his 17-year rule. The yen dropped against most of its major counterparts amid concern a destabilization of the Korean peninsula will dim the outlook for Japan’s economy and security.
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