BLBG:Euro Strengthens Versus Dollar Before Merkel, Sarkozy Discuss Rescue Plan
The euro strengthened against the dollar for the first time in four days before the leaders of Germany and France meet to craft a plan for rescuing the 17- nation common currency.
The euro earlier touched an 11-year low against the yen ahead of a report today that economist say will show industrial production in Germany, Europe’s biggest economy, declined in November. German Chancellor Angela Merkel and French President Nicolas Sarkozy are scheduled to meet in Berlin today to flesh out a new rulebook for fiscal discipline negotiated at a Dec. 9 summit that seeks to create a “fiscal compact” for the euro area. The talks will be followed by a joint press conference.
The shared currency advanced 0.2 percent to $1.2744 at 8 a.m. London time, after earlier falling to $1.2666, its weakest level since September 2010. The euro was 0.2 percent stronger at 98.05 yen after dropping to 97.28, the least since December 2000. The dollar was little changed at 76.89 yen.
Japan’s markets are closed today for a public holiday.
To contact the reporter on this story: Keith Jenkins in London at kjenkins3@bloomberg.net
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