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Euro Drops as Spanish Bond Yields Surge Amid Crisis

The euro fell against most of its major counterparts after Spanish bond yields surged and Fitch Ratings said the nation won’t meet budget-deficit goals, adding to concern Europe’s debt crisis is worsening.

The 17-nation currency fluctuated against the dollar, after weakening for a fourth day, as Spain’s 10-year bond yields reached a euro-era record. New Zealand’s dollar and the Mexican peso rose as stocks advanced amid increased demand for higher-yielding assets. The yen weakened versus most peers after the International Monetary Fund said it was overvalued.