BK: Euro slides to three-week low as recession deepens
The euro slid to a three-week low against the dollar after a report showed Europe’s recession deepened more than economists forecast last quarter, sapping demand for the region’s assets.
The 17-nation currency dropped for a third day versus the yen as separate data showed gross domestic product shrank in both Germany and France. The yen rose against most of its major counterparts as Russia’s finance minister said Group-of-20 nations should take a stronger stance against currency manipulation. New Zealand’s dollar climbed to a 17-month high after manufacturing expanded. The euro has still strengthened 4.6 percent against the dollar in the past three months.
