Euro Declines Versus Dollar After Spain Delays Bailout Request

The euro declined for a second day against the dollar after Spain’s Prime Minister Mariano Rajoy said his government would delay deciding whether to seek a sovereign bailout until the aid conditions are clear.

Europe’s shared currency approached an eight-week high earlier as Chinese Premier Wen Jiabao pledged to consider European bond purchases and Italy’s borrowing costs fell at an auction. The euro declined versus the yen as Rajoy and French President Francois Hollande pressed the European Central Bank to implement decisions from a June summit to reduce borrowing costs. Norway’s krone rose versus most major peers even after a policy maker signaled the central bank won’t accept persistent currency strength.