Dollar Index Reaches Month High After Spain Downgrade
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The euro weakened for a fourth day against the yen after Standard & Poor’s yesterday cut Spain’s sovereign-debt rating to one level above junk.
The 17-member currency weakened against 13 of its 16 major counterparts before Italy sells bonds today amid concern Europe’s debt crisis is deepening. The Dollar Index touched a one-month high as demand for the greenback as a haven rose. Australia’s dollar strengthened after data showed the nation added the most workers since May. The yen rose versus the majority of its peers as Asian stocks declined.