The euro fell to the lowest level in more than four months versus the dollar as a bailout for Cyprus and political deadlock in Italy undermined demand for the region’s assets.
Europe’s shared currency declined against most of its major peers after Swiss bank Pictet & Cie. said the Cyprus crisis has “tarnished” the attractiveness of the euro area. The yen slid a second day against the greenback before Bank of Japan (8301) Governor Haruhiko Kuroda appears in parliament tomorrow after telling lawmakers yesterday he aims to achieve the 2 percent annual inflation target in two years. The Dollar Index rose a third day before data forecast to show U.S. home sales fell in February.
Source: Bloomberg. Read full article. (link)