The euro was 0.1 percent from its lowest in two weeks
before European Central Bank Executive Board member Joerg Asmussen speaks in
the run-up to a policy meeting amid signs further stimulus may be needed in the
region.
Europe’s common currency maintained its biggest weekly drop
since July 2012 before the Mario Draghi-led ECB meets on Nov. 7, when
economists predict it will keep interest rates at 0.5 percent. The dollar held
gains from last week against most major peers before Federal Reserve Bank of
Dallas President Richard Fisher speaks today, after a Nov. 1 report showed U.S.
manufacturing was the strongest in more than two years. Australia’s dollar
rose, halting back-to-back weekly declines, after retail sales rose twice as
fast as economists forecast.
The euro rose 0.1 percent to $1.3498 as of 8:50 a.m. in
Singapore, and last week dropped 2.3 percent, the largest decrease since the
five days ended July 6, 2012. It fell as low as $1.3480 on Nov. 1, the least
since Oct. 16.
Europe’s shared currency gained 0.1 percent to 133.23 yen.
The dollar traded at 98.70 from 98.67 in New York. Japan’s financial markets
are closed for a national holiday today.
The euro sank last week after an Oct. 31 report showed the
region’s annual inflation rate fell to 0.7 percent in October, the least since
November 2009, from 1.1 percent in September.
(Source: Bloomberg)
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