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Euro Falls on Italian Debt Sale

Currency hits lowest level against dollar since January.

By Catarina Saraiva and Lukanyo Mnyanda, Bloomberg News | Updated on December 14, 2011

The euro fell below $1.30 for the first time since January as Italian borrowing costs increased at a debt auction and Spanish banks’ borrowings from the European Central Bank climbed by the most in a year.

The 17-nation euro declined to a 10-week low against the yen as European stocks declined, damping demand for assets denominated in the euro region’s currency. Norway’s krone weakened after the Norges Bank cut interest rates for the first time since 2009. The pound was the biggest gainer against the euro among the major currencies as investors sought protection from Europe’s sovereign-debt crisis.

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