Euro slumps as hopes for action at summit dim

AP News
Posted: Jun 28, 2012 3:32 PM
Euro slumps as hopes for action at summit dim

NEW YORK (AP) — The euro fell against the dollar Thursday as hopes dim that a summit of European leaders would produce credible measures to stanch the region's debt crisis.

Germany has rejected the idea of issuing Europe-wide bonds as a way to reduce borrowing costs for weak European nations. Leaders are meeting Thursday and Friday in Brussels to discuss the crisis and how to stimulate economic growth.

The euro fell to $1.2429 from $1.2459 late Wednesday. A weak report on German employment also pressured the euro.

The British pound fell to $1.5499 from $1.5559.

The dollar was lower against the Japanese yen, falling to 79.45 yen from 79.75 yen.

The dollar rose to 1.0353 Canadian dollar versus 1.0258 Canadian dollar, to 0.9664 Swiss franc from 0.9640 Swiss franc and to 13.6753 Mexican pesos from 13.5684.