Euro Falls to Five-Week Low Before Spain, France Bond Auctions
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The euro sank to five-week lows against the dollar and the yen as Spain and France prepare to sell securities tomorrow after a slump in euro-area debt signaled the region’s debt crisis is spreading.
The 17-nation currency weakened for a third day as the extra yield investors demand to hold bonds from France, Belgium, Spain and Austria instead of German bunds stayed near euro-era records. The dollar rose against 15 of its 16 major peers as investors sought safer assets. China’s yuan failed to extend a gain from yesterday after the People’s Bank of China set its daily reference rate weaker for a second day.