Euro Drops Against Majors — Germany Reluctant to Increase Help

Euro declined against almost all other top-traded currencies today as the commentaries from the Eurozone’s financial officials didn’t add optimism to the major European debt holders.

Investors believe that the indebted Eurozone countries (such as Greece, Ireland and Spain) will require additional bail-out funds to keep their debt from defaulting. Meanwhile Finance Minister of Germany Wolfgang Schäuble is reluctant to increase the size of the help fund for those economies:

There is no immediate need to take action. There’s a lot to discuss, but little to announce and even less to speculate about. It’s good that market developments in the last week, thank god, also took any dramatic edge out of this discussion.

EUR/USD fell from 1.3370 to 1.3295 as of 18:44 GMT today with the intraday low at 1.3244. Meanwhile, EUR/JPY dropped from 110.82 to 109.98 and EUR/GBP declined from 0.8422 to 0.8373.

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