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09.05.2012 17:43

American focus: euro falls as Greek leaders struggle to form coalition

 

The euro weakened for an eighth day against the dollar as Greek politicians struggled to form a new government, fueling concern the nation will leave Europe’s currency union. The 17-nation currency extended its run of losses to the longest since September 2008 as Spain’s 10-year bond yields climbed back above 6 percent. Euro area leaders from the European Central Bank’s Joerg Asmussen to German Finance Minister Wolfgang Schaeuble have begun to raise doubts that Greece can stay in the monetary union. Growth in German exports slowed to 0.9 percent in March from 1.5 percent in February, the Federal Statistics Office in Wiesbaden said today.

The pound fell for a second day against the dollar as a report showed U.K. retail sales fell the most in more than a year. Sterling slipped 0.2 percent to $1.6126 and rose 0.3 percent to 80.26 pence per euro before the Bank of England’s Monetary Policy Committee decides tomorrow whether to add more stimulus to its existing 325 billion pounds ($485 billion) of bond purchases.

The yen strengthened against all of it 16 major counterparts, and the dollar advanced versus all but the yen, amid speculation the global economy is stalling, boosting demand for safer assets.

Canada’s dollar dropped to a three-month low as oil declined for a sixth day.

09.05.2012 18:21

European stocks close:

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