Early trade in New York: euro falls, yen jumps

26 Jun, 2012

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.

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