Euro Falls to June 2001 Low Versus Yen on Greece Default Concern
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The euro fell, touching its lowest level since 2001 against the yen, as speculation German Chancellor Angela Merkel is preparing for a Greek default curbed demand for the 17-nation currency.
The euro erased losses against the dollar after the Financial Times reported that Italy was in talks with a Chinese investment firm that may buy its bonds. The euro declined earlier to the lowest level versus the greenback since February after Greece’s chance of default in the next five years soared to 98 percent. The yen advanced against all its most-traded counterparts as demand for refuge increased and as the Swiss National Bank-imposed ceiling on the franc leaves Japan’s currency as one of the few haven assets.