The Euro Hits a Two Week Low as Spanish and Italian Bond Yields Rise

“The euro touched its lowest level in almost two weeks versus the yen as German consumer sentiment stagnated and Spanish borrowing costs rose at a bill auction amid concern the region’s debt crisis is deepening.

The 17-nation euro erased losses against the dollar before German Chancellor Angela Merkelmeets European Central Bank President Mario Draghi in Berlin today. Data showed German and French business confidence remained static as Italian sentiment stayed near a 15-year low. Australia’s dollar pared a decline as a leading indicator for China’s economy rose in August, supporting trade prospects.”

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