Euro Approaches 2-Week Low on Concern Summit Falls Short

The euro approached the lowest level against the dollar in more than two weeks after German Chancellor Angela Merkel dimmed expectations European leaders will solve the region’s debt crisis when they meet tomorrow.

The 17-nation currency pared its advance versus the yen after Italian borrowing costs increased at a bill sale. Merkel responded to a Spanish plea by saying joint euro-area bonds are the “wrong way” to achieve integration, while Finance Minister Wolfgang Schaeuble called for stronger fiscal discipline. Brazil’s real fell against most of its major counterparts even as the government renewed efforts to stimulate growth.