Euro Drops on Concern Rescue Plan to Crumble; Dollar, Yen Climb
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The euro weakened for a third day against the dollar, touching the lowest in almost three weeks, as concern the currency region’s rescue plan will crumble and the European Central Bank will cut interest rates damped demand.
The 17-nation currency fell the most in two weeks versus the yen after Greek Prime Minister George Papandreou pledged to put the European Union’s latest crisis accord to a referendum, risking a default if it’s rejected by voters. The euro trimmed losses after a report that a Greek political official said later the vote was “basically dead.” The dollar and yen rose as stocks slid and Chinese manufacturing slowed.