Euro Falls 2nd Day After Merkel’s Party Defeated; Dollar Gains
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The euro weakened for a second day against the dollar after German Chancellor Angela Merkel’s coalition was defeated in its southwestern heartland, clouding the political outlook for Europe’s biggest economy.
The single currency snapped a two-day gain versus the Swiss franc after European Union leaders cut the startup capital for a program of future emergency aid, stoking concern efforts to quell the debt crisis will be insufficient. The dollar strengthened to a one-week high versus the yen before a report that economists said will show U.S. consumer spending increased for an eighth month in February.