“The euro weakened for a second day against the dollar after reports showed German exports tumbled and Italian industrial production shrank, adding to evidence that Europe’s debt crisis is deepening across the region.
The 17-nation euro fell for the first time in six days versus the yen after Fitch Ratings cut Spain’s credit grade to within two steps of junk. The yen and the dollar rose against most of their major peers as a drop in stocks signaled investors favoring the safest assets. Australia’s dollar slid for a second day versus the greenback even as China, the nation’s biggest trading partner, cutinterest rates yesterday to spur growth.”
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