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Euro Weakens Before EU Summit as Italy’s Borrowing Costs Rise

Businessweek - Jun 28, 2012

The euro fell to a three-week low against the yen on speculation European Union leaders meeting for a two-day summit in Brussels will fail to agree on a strategy to solve the region’s debt crisis.

The 17-nation currency slid for a fourth day versus the dollar as Italy paid the most to sell 10-year bonds since December and a research institute predicted the German economy will weaken this year. The yen strengthened against all 16 of its major counterparts as a decline in stocks boosted demand for safer investments.

“There’s some pessimism going into this summit,” Michael Woolfolk, a senior currency strategist at Bank of New York Mellon Corp. (BK) (BK), said in a telephone interview. “Economic conditions in Europe, particularly in Germany, continue to deteriorate. We’re going into this very long dollar and yen expecting maybe a modest euro bounce after the conference.” A long position is a bet the value of an asset will increase.

Read Full Article from Businessweek

- Posted: 2012-06-28 12:02:02

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