Euro Weakens as Trichet Says Outlook for Region Uncertain

The euro fell against the dollar and yen after European Central Bank President Jean-Claude Trichet said the outlook for the region remains uncertain and that Greece’s fiscal problems won’t get special treatment.

The common currency dropped against 12 of the 16 most- traded counterparts tracked by Bloomberg after German Chancellor Angela Merkel said yesterday Greece’s budget deficit may send the euro into a “very difficult phase.” The dollar erased its gain versus the yen after a U.S. report on retail sales showed an unexpected drop in December.

“The euro has this overhang from Greece, which is still making headlines,” said Alan Ruskin, head of currency strategy at Royal Bank of Scotland Group Plc in Stamford, Connecticut. “There’s definitely concern around the euro periphery in general.”

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- Posted: 2010-01-14 10:59:19

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