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Euro Falls on ECB Rate Pace; Yen Gains After Earthquake Report
The euro fell from its highest level in more than a year after European Central Bank President Jean- Claude Trichet said today’s interest-rate increase wasn’t the “first of a series” and Portugal sought a bailout. The yen strengthened against the dollar after reports of an earthquake off Japan’s coast and tsunami warnings. The 15-nation currency fell versus 14 of 16 major peers. The ECB raised its key rate by 25 basis points to 1.25 percent. Prime Minister Jose Socrates said yesterday that Portugal was seeking assistance from the European Union.