The euro dropped for the first time in three days versus the dollar on concern Germany will postpone this weekend’s summit on the region’s sovereign-debt crisis. The Swiss franc rose against all of its major counterparts including the euro on demand for a refuge as Die Welt reported that Germany’s government hasn’t excluded delaying the Oct. 23 meeting of European leaders. The franc remained 2.8 percent below the ceiling of 1.20 versus the euro imposed last month by the Swiss National Bank. “The uncertainty in Europe remains very high, and expectations are all over the map,” said Michael Woolfolk, senior currency strategist in New York at Bank of New York Mellon Corp., the world’s largest custodial bank, with more than $26 trillion in assets under administration. The euro decreased 0.2 percent to $1.3734 at 9:24 a.m. New York time. It fell 1.1 percent to 1.2292 francs. The dollar decreased 0.9 percent to 89.57 Swiss centimes. The U.S. currency was little changed at 76.86 yen. The 17-nation euro rose earlier after European Commission President Jose Barroso said a “positive outcome” was possible at the meeting in Brussels. The SNB imposed a ceiling of 1.20 versus the common currency on Sept. 6, after the franc appreciated 11 percent this year, and resumed purchases of foreign currencies to curb the franc’s advance. To contact the reporter on this story: Catarina Saraiva in New York at asaraiva5@bloomberg.net To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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