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The euro fell for the first time in six days against the yen as European Union finance ministers gathered for a third meeting this month to try to reach agreement on aid for Greece.
Finance chiefs from the single-currency bloc started their meeting at 12:30 p.m. in Brussels, less than a week after an all-night gathering failed to yield agreement and days after a European Union summit broke up without a proposed seven-year budget. At stake is the continuation of a three-year mission to return Greece to financial health.
The yen rose against all of its 16 major counterparts as a decline in global stocks boosted demand for safer assets and after a technical indicator signaled its recent slide was excessive. The 14-day relative strength index for the yen against the dollar touched 30 today after dropping to 25 at the end of last week. The level of 30 is considered a sign an asset’s decline has been too rapid. Japan’s currency had slumped 3.5 percent versus the dollar during the previous two weeks.
Canada’s dollar weakened after Bank of Canada Governor Mark Carney was named to lead the Bank of England, spurring speculation over who will replace him in Ottawa. Carney, Bank of Canada’s top official since 2008, was unexpectedly appointed to succeed Mervyn King at the Bank of England. Carney is also head of the Group of 20’s Financial Stability Board.
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