Euro drops sharply vs dollar as debt fears dominate

The euro fell sharply against the dollar on Monday, marking its first decline in four sessions, as fears about euro zone peripheral government debt moved to the forefront, trumping dovish comments made by U.S. Federal Reserve Chairman Ben Bernanke.

The weak performance of the euro comes ahead of a meeting of euro zone finance ministers, who are under pressure to boost the size of a rescue fund to stop a debt crisis from spreading.

The euro EUR= was down 1.14 percent at $1.3261, according to Reuters data. Traders reported an options expiry on Monday at $1.3250.

IMF chief Dominique Strauss-Kahn will present a report, a copy of which was obtained by Reuters, to euro zone finance ministers meeting in Brussels, saying more action is needed from member states.

Read Full Article from Reuters

- Posted: 2010-12-06 09:35:31

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