Euro Drops as Portugal’s Jobless Rate Climbs Before GDP Report
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The euro fell against most major peers as Portugal’s jobless rate rose to the highest in the shared currency’s history before a report forecast to show the region’s economy shrank at a faster pace last quarter.
The yen fluctuated against the dollar and euro after Bank of England Governor Mervyn King said currencies should be allowed to fluctuate based on monetary-stimulus measures, allaying concern the Group of 20 would criticize Japan for weakening its exchange rate. The pound slumped after the Bank of England said risks to the U.K.’s economic recovery were weighted to the downside. Sweden’s krona rallied after the central bank kept interest rates unchanged.