“The euro declined for a second day against the dollar on speculation this week’s European Union summit in Brussels will fail to provide clarity on potential financial aid for Spain.
The 17-nation currency dropped for the first time in seven days versus the yen after Spanish Prime Minister Mariano Rajoy said his nation doesn’t feel under any pressure to ask for a bailout, fueling concern the debt crisis will be prolonged. The yen rose after French President Francois Hollande said leaders at the EU meeting didn’t discuss more assistance for Spain, spurring demand for safer assets. The pound gained against the euro after the U.K. budget deficit narrowed.
“There is some disappointment over the latest EU summit,” said Neil Jones, head of European hedge-fund sales at Mizuho Corporate Bank Ltd. in London. “That’s why the euro is a bit lower. We need some fresh good news to get things going further. It’s not apparent today.”
The euro fell 0.2 percent to $1.3047 at 7:48 a.m. in New York time after dropping 0.4 percent yesterday. The shared currency depreciated 0.3 percent to 103.27 yen. The yen strengthened 0.2 percent to 79.15 per dollar, trimming this week’s decline to 0.9 percent.”
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