The euro fell against the dollar and yen on Thursday for a second straight session, with investors consolidating recent gains, although the single currency's setback could be short-lived as market participants await policy action from the European Central Bank.
Investors remained hopeful about the ECB's bond-buying program as ECB governing council member Christian Noyer said Thursday the bank should be ready to intervene decisively in bond markets very soon to reduce borrowing costs in the peripheral countries. He also said an exit of Greece from the euro zone was not envisaged.
In midday New York trading, the euro fell 0.8 percent to $1.2272, well below a one-month high of $1.2443 set on Monday. It hit a one-week low of $1.2266, extending losses after it broke below stop-loss orders at $1.2290. The euro dropped to 12-year lows against the Swedish crown at 8.2370 and was near a 9-1/2-year trough against the Norwegian currency. The Aussie was last flat on the day at US $1.0563. The dollar rose 0.3 percent versus the yen to 78.66 yen.
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