Saturday, Dec. 31, 2011
The euro weakened for a sixth day against the yen on Friday, dropping below 100 for the first time since June 2001, on concern Europe's debt crisis will weigh on the region's economic growth.
The 17-nation currency also fell against the dollar, setting it up for its first back-to-back annual decline versus the greenback since 2001, before a report next week that economists say will confirm European manufacturing shrank for a fifth month.
The Australian and New Zealand dollars rose as stocks gained before reports expected to show the U.S. economy is recovering. China's yuan hit a 17-year high on signs the central bank favors the currency's appreciation to prevent capital outflows.
"The euro is weaker as the focus is very much on Europe," said Peter Rosenstreich, chief currency analyst at Swissquote Bank SA in Geneva. "The backdrop is still the eurozone debt crisis and concerns about growth. The dark clouds are getting darker. We're seeing a death by a thousand cuts."
The euro fell 0.5 percent to ?100.12 at 6:12 a.m. in New York, after dropping to ?99.97, the weakest level since Dec. 19, 2000. The euro has lost 7.8 percent versus the yen this year.
The common currency weakened 0.2 percent to $1.2937, extending this year's decline to 3.4 percent. The yen gained 0.3 percent to 77.41 per dollar.
Two years of summits have failed to contain a European debt crisis that has led to bailouts of Greece, Ireland and Portugal and now threatens Italy and Spain.
French President Nicolas Sarkozy will go to Berlin on Jan. 9 to resume talks with German Chancellor Angela Merkel on ending the debt crisis, an official familiar with the matter said. The leaders aim to complete revisions to Europe's fiscal rule book by March, following decisions made at a Dec. 9 summit and are reassessing plans to cap the overall lending of their permanent rescue facility at ?500 billion.
Source: http://www.japantimes.co.jp/text/nn20111231n1.html
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