Euro Weakens to Below $1.34 as Merkel Cites ‘Serious’ Situation

The euro dropped to below $1.34 for the first time since September as German Chancellor Angela Merkel said the 16-nation currency is in an “exceptionally serious” situation after Ireland asked for a financial rescue.

The yen, dollar and Swiss franc advanced against the Australian and Canadian dollars after North and South Korea exchanged artillery fire, encouraging demand for a refuge. The euro dropped versus all of its major counterparts on concern attention will turn to Portugal and Spain after Ireland sought a European financial rescue.

“The euro-negative story is dominant,” said Alan Ruskin, global head of Group of 10 foreign-exchange strategy at Deutsche Bank AG in New York. “There’s a host of comments out of Germany, especially from Merkel, suggesting that there will be some investor burden sharing.”

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- Posted: 2010-11-23 10:20:46

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