The euro fell versus the dollar and the yen amid speculation European Central Bank President Mario Draghi will announce measures as soon as this week to ease the region’s debt crisis.

Draghi said yesterday the bank’s primary mandate compels it to intervene in bond markets to wrest back control of interest rates and ensure the euro’s survival. The ECB announces its next policy decision on Sept. 6.

The 17-nation currency traded at almost the strongest in two months versus the dollar as European leaders stepped up shuttle diplomacy before erasing gains as global stocks declined.

European Union President Herman Van Rompuy traveled to Berlin for talks with German Chancellor Angela Merkel today as Italian Prime Minister Mario Monti hosts French President Francois Hollande in Rome.

Australia’s dollar climbed from a six-week low against the greenback after the Reserve Bank of Australia refrained from cutting the developed world’s highest benchmark rate.

The dollar briefly pared gains against major counterparts after a report showed manufacturing in the U.S. contracted for a third month.