The euro fell, snapping a two-day gain versus the dollar and yen, on concern issues of collateral required by some nations to participate in a Greek bailout will hinder agreement at a meeting of European officials today. The 17-nation currency trimmed its first weekly advance this month versus the greenback after Finnish Finance Minister Jutta Urpilainen said it was unlikely any agreement on collateral would be reached at the gathering in Wroclaw, Poland. ECB President Jean-Claude Trichet yesterday pressed euro-area governments to take decisive action to halt the debt crisis and show “unity of purpose” at the meeting. “There is some skepticism still with respect to whether or not there will be any real solution apparent from today’s meeting,” said Jane Foley, a senior foreign-exchange strategist at Rabobank International in London. “There are a lot of people wanting to move out still of euro longs and square up. They are seeing the better levels in euro-dollar as a way to do that.” The euro weakened 0.5 percent to $1.3808 at 8:50 a.m. in London, paring its weekly advance to 1.1 percent. The shared currency fell 0.4 percent to 105.99 yen. The dollar was little changed at 76.77 yen. The euro jumped the most in a month yesterday after the Frankfurt-based ECB said it will coordinate with the Federal Reserve and other central banks to conduct three separate dollar liquidity operations to ensure lenders have enough of the currency through the end of the year. To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

Source