Euro Near 3-Week Low on Concern Europe’s Banks Need More Funds
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The euro traded near a three-week low against the dollar on concern European banks and nations will need to raise more funds, adding to signs the region’s debt crisis may be prolonged.
Europe’s currency is heading for a weekly loss against 14 of its 16 major counterparts as the European Central Bank will lend banks 149.5 billion euros ($195.9 billion) for three months to meet their liquidity needs over the year-end period. New Zealand’s dollar rose versus Australia’s on speculation the so-called kiwi’s recent drop was too rapid.