Early trade in New York: euro falls, yen jumps

The euro fell to its lowest in almost two weeks against the dollar on Monday and looked set to extend losses as investors doubted a European summit later in the week would find a solution to the region's escalating debt crisis. Investors parked money in perceived safe havens, driving up the dollar and pushing the yen almost 2 percent higher against the euro. Higher-yielding riskier currencies such as the Australian and New Zealand dollars tumbled.
The euro fell as low as $1.2469, the weakest since June 12, and was last down 0.7 percent at $1.2478. Support was seen near the June 12 low around $1.2441 and strategists said a break below that level would open the door to a test of the June 1 two-year low of $1.2286. Against the yen, the dollar fell 1.1 percent at 79.52 yen. The euro lost 1.8 percent to 99.22 yen.