Euro Rallies on ECB Rate Speculation, Debt-Crisis Discussions
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The euro advanced against the dollar for the first time in three days as European Union leaders began a two-day meeting on measures to contain the region’s sovereign-debt crisis.
The 17-nation currency gained against the yen as speculation the European Central Bank is poised to raise borrowing costs outweighed fiscal turmoil. The euro rose even as Fitch Ratings cut Portugal’s credit rating after the nation’s Prime Minister Jose Socrates resigned yesterday. Currencies with above-average economic growth, such as New Zealand and Canada, advanced as raw material prices and equities rallied.