Euro Falls to 4-Month Low Versus Yen Before Italy Debt Sales
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The euro declined to a four-month low against the yen as soaring yields on Italian government bonds stoked concern the region’s sovereign-debt crisis is spreading to its largest economies.
The 17-nation currency fell to a record versus the Swiss franc before the Italian Treasury sells one-year bills today and as much as 5 billion euros ($7 billion) of bonds on July 14. The yen rose against most of its major counterparts as Asian stocks extended a worldwide equity slump, spurring demand for safer assets. The dollar maintained a two-day drop versus the yen before the Federal Reserve releases minutes from its June meeting amid signs the U.S. recovery is faltering.