Euro Falls a 4th Day Versus Dollar on Greece, Growth Concerns

The euro fell for a fourth day against the dollar on concern a recovery in the 16-nation region will be hampered by discord over Greece’s rescue package.

Europe’s common currency traded near its lowest since at least 1999 against Australia’s dollar before reports forecast to show European producer prices fell for a 14th month and German factory orders dropped. The U.S. dollar was near its weakest since July 2008 versus its Canadian counterpart on speculation Federal Reserve Chairman Ben S. Bernanke will reiterate the central bank’s pledge to keep rates near zero to help sustain a recovery in the world’s largest economy.

“We certainly see some downside risks to the euro as they don’t seem to have a final credible solution to Greece’s fiscal problems,” said Joseph Capurso, a currency strategist in Sydney at Commonwealth Bank of Australia. “The worse that these Greek concerns get, eventually there will be cuts to global growth forecasts.”

The 16-nation euro fell to $1.3383 as of 10:33 a.m. in Tokyo from $1.3399 in New York, where it dropped to as low as $1.3355, the least since March 26. Europe’s common currency was little changed at 125.69 yen after dropping 1.2 percent yesterday, the most since Feb. 23. The yen was at 93.95 to the dollar from 93.79.

The U.S. dollar traded at C$1.0000 and yesterday fell as to low as C$0.9988. Australia’s currency yesterday reached 0.6934 euro, the most since the euro’s introduction, and bought 0.6926 today.