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American focus: euro fell
The euro fell to its weakest level in almost a week versus the dollar as investors speculated European policy makers won’t be able to reach an agreement regarding Greece’s debt obligations. The euro weakened against the majority of its most- traded peers as Standard & Poor’s increased the number of Portuguese banks on “creditwatch negative.” Greece pledged a last-ditch effort to prevent the collapse of a second rescue package from creditors, aiming to complete talks this week on a financial lifeline that’s been in the works for six months.
The dollar and yen pared earlier losses as stocks fell after consumer confidence and business activity in the U.S. was weaker than forecast in January. The dollar gained against half its major counterparts after Institute for Supply Management-Chicago Inc. said today its business barometer decreased to 60.2 from 62.2 in December. Consumer confidence unexpectedly dropped in January as gas prices picked up and more Americans said jobs are hard to get.
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