Euro Falls Versus Yen as Spain Re-Enters Recession; Aussie Drops
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The euro weakened for a third day against the yen after a report showed Spain’s economy entered its second recession since 2009, adding to concern Europe’s debt crisis is worsening.
The 17-nation currency extended its first monthly decline this year versus the dollar as Spain’s government struggled to convince investors it can narrow its budget deficit in an economy that’s grappling with almost 25 percent unemployment. Australia’s dollar slid against most major peers on bets the central bank will cut interest rates. Canada’s dollar tumbled after the nation’s economy unexpectedly shrank.