October 03, 2011

Euro Drops to Eight-Month Low Versus Dollar Before Europe Crisis Meeting

The euro fell to an eight-month low against the dollar as European finance ministers prepared to weigh the threat of a default in Greece, which is making fresh budget cuts to secure an international bailout.

The 17-nation currency slid after falling in the third quarter the most since June 2010. The yen rose against the dollar on demand for a refuge as sentiment at Japan’s biggest manufacturers remained below levels seen before a record earthquake struck in March. The Turkish lira approached a record low as inflation slowed in September.