Euro Declines as Merkel, Sarkozy Reject Rescue Fund Increase
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The euro fell against most of its major counterparts as leaders from Germany and France said they are against increased funding to quell the sovereign-debt crisis before next week’s summit of European Union leaders.
German Chancellor Angela Merkel and French President Nicolas Sarkozy, in talks today, said they oppose increasing the European Union’s 440 billion-euro ($581 billion) rescue fund and rejected joint euro-area bonds. The dollar gained against the euro and yen after exports from the U.S. rose to a two-year high in October. The Australian dollar posted a weekly drop against the greenback on speculation China will tighten monetary policy.