Euro Trades Near Decade Low Versus Yen on European Debt Concern

The euro traded 0.5 percent from a decade low versus the yen amid concern the European debt crisis will weigh on the region’s economic growth.

The 17-nation euro headed for a fourth weekly loss versus the dollar before data next week forecast to confirm European manufacturing contracted for a fifth straight month. The Australian dollar maintained an advance from yesterday on prospects Asian stocks will extend a global rally after reports signaled the U.S. economy is recovering.

“We’ve been reasonably negative on the euro,” said Michael Turner, a fixed-income and currency strategist at Royal Bank of Canada in Sydney. “The euro area’s probably in a mild recession already.”

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- Posted: 2011-12-29 19:47:07

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