Euro Extends Decline as Greece Woes Raise Region’s Debt Costs
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The euro declined against the dollar and yen on concern Greece’s debt woes will raise borrowing costs for other countries in the region, including Spain, which is due to sell bonds tomorrow.
The euro weakened versus the yen for a fifth day after China’s Premier Wen Jiabao signaled developed nations should cut deficits and create jobs rather than relying on his country to bail out the world economy. The dollar held a two-day slide against Japan’s currency before data that may show U.S. retail sales growth moderated in August. Australia’s dollar dropped for a fifth day versus the greenback as Asian shares slid.