“The euro weakened for a second day against the dollar and yen after reports showed services and manufacturing in the region shrank in October more than economists predicted as the debt crisis stifled growth.
The 17-nation currency fell versus all except two of its 16 major counterparts as the Ifo institute in Munich said German business confidence dropped to the lowest level in more than two years. The Dollar Index (DXY) climbed to the highest in almost two weeks before Federal Reserve officials end a two-day policy meeting. Sweden’s krona slid for a fourth day against the dollar after a report showed consumer confidence worsened.
“We’ve had some bad news and the euro has gone down,” said Jane Foley, a senior currency strategist at Rabobank International in London. “Given the extent of the poor news that’s been around, I think it’s still amazing that the euro has been so resilient.”
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