Euro Drops on Crisis Concern; Dollar Gains on U.S. Job Growth
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The euro fell to an 11-year low against the yen and the weakest level in 15 months versus the dollar on concern Europe’s debt crisis is worsening and as reports showed the U.S. labor market is strengthening.
The 17-nation currency weakened against most major peers after France’s borrowing costs rose at a bond sale today as credit-rating companies threaten to cut the nation’s top AAA ranking. Sterling strengthened to a 15-month high versus the euro. The Australian and New Zealand dollars dropped against the greenback for a second day as investors sought safer assets.