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Euro Drops 2nd Day in a Row

Studys shows German confidence level falling; Spanish yields climb.

By Candice Zachariahs , Masaki Kondo | Updated on November 15, 2011

The euro declined for a second day before a report forecast to show German investor confidence fell to a three-year low as Europe’s debt crisis threatens to curb economic growth.

The 17-nation currency touched a one-month low against the yen as Spain prepares to sell as much as 4 billion euros ($5.4 billion) of bonds on Nov. 17 after Italy’s borrowing costs surged to the highest level since 1997 at a note auction. Japan’s currency slid almost half a yen against the dollar in less than a minute before paring losses amid speculation the nation will act to weaken its currency to support exporters.

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