Euro Falls Most Since August on Concern Irish Crisis Will Spread
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The euro dropped the most against the dollar in three months as German Chancellor Angela Merkel said the 16-nation currency is in an “exceptionally serious” situation after Ireland asked for a financial rescue.
The yen rallied against the Australian and Canadian dollars as North and South Korea exchanged artillery fire, spurring investors to seek refuge. Federal Reserve minutes showed some policy makers were concerned about the impact of quantitative easing on the greenback. The euro dropped versus all of its major counterparts on concern attention will turn to Portugal and Spain as the cost of insuring the nations’ bank debt surges.