- European focus: The euro rose
Market news
31 May 2011
European focus: The euro rose
The euro rose to a three-week high against the dollar on speculation European officials will approve additional assistance for Greece as part of efforts to counter the region’s debt crisis.
The euro pared its first monthly loss since November after Luxembourg Prime Minister Jean-Claude Juncker said European leaders will decide on a new aid package by the end of next month and have ruled out a “total restructuring” of the nation’s debt.
A separate European Union report showed euro-region inflation slowed in May to 2.7 percent from 2.8 percent in April. April’s reading was the fastest since October 2008.
The yen fell versus all 16 of its major counterparts as stocks surged and Moody’s Investors Service said it may cut Japan’s credit rating.
The yen dropped the most in two weeks versus the euro after Moody’s put Japan’s Aa2 local and foreign-currency bond ratings on review for a downgrade, citing weakening growth.
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