Euro Drops Versus Dollar, Yen on Greece Crisis Contagion Concern
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The euro fell for a third week against the dollar, reaching a four-month low, after the failure of Greek leaders to form a government increased concern the debt crisis may spread to other nations in the monetary union.
The 17-nation currency dropped for a fourth week against the yen as investors await a June 17 election in Greece and amid a Group of Eight nations’ leaders meeting that began yesterday. Higher-yielding currencies, including Brazil’s real, slumped as increased concern about the euro crisis damped demand for risk. The yen rose to a three-month high against the greenback before a Bank of Japan meeting May 23.