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The euro tumbled for a second week against the dollar, falling to its lowest level in more than four years as concern that Europe’s debt crisis is spreading pushed investors to the safest currencies.Europe’s shared currency plunged below $1.20 for the first time since March 2006 and dropped for a sixth straight week versus the yen. The dollar and the yen climbed as a lower-than- forecast payrolls report yesterday fueled concern the U.S. economic recovery may be slowing, damping demand for growth- linked currencies. U.S. retail sales growth slowed to 0.2 percent in May, data next week may show.“There’s one driver of the market, and it’s called Europe,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman & Co. in New York. “Will budget cuts hurt European growth? Will Europe’s crisis hurt U.S. companies? Will contagion spread through the global financial system?”The euro dropped 2.5 percent to $1.1967 in New York, from $1.2273 on May 28. It to

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The euro sank to a 14-month low below $1.27 on Thursday as markets expressed their lack of confidence in European leaders’ ability to contain the debt crisis.Source: YahooThe European Central Bank did not offer more support to European countries struggling with debt and left interest rates unchanged at 1 percent.The euro has been battered this week, dropping as much as 6 cents, or 4.5 percent, on fears that a planned euro110 billion ($140 billion) bailout for Greece will not help the country manage its debt load in the long term, and that more aid may be needed for Portugal and Spain to keep from defaulting as bonds come due, borrowing costs remain high and their economies stagnate or decline.It has been the sharpest weekly drop for the euro since October 2008, when the financial crisis drove investors to the safety of the dollar.”There’s a real problem in Europe…(and) there isn’t an effective means to address the crisis,” said David Gilmore of Foreign Exchange Analytics in Essex, C

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The dollar rose against the yen, but the euro recovered much of its initial loss against the greenback Friday after better-than-expected U.S. jobs numbers pointed to a U.S. economy marching forward.What caused this high increase in EURO:Trading is likely to again turn volatile when London exits currency markets, around 11 a.m. EST.Positive news on fiscally strapped Greece–which successfully issued a bond onU.S. jobs data point to the Federal Reserve raising key U.S. interest rates.The ICE U.S. Dollar Index, which tracks the greenback against a trade-weighted basket of currencies, was at 80.680 from 80.571.The healing labor market, seen as key to the economy’s turnaround, leads investors to the greenback as the Fed is now seen as more likely to increase key interest rates and return expansionary monetary policy to normal.”The market is interpreting the news as generally favorable for the U.S. economy, with the dollar gaining strength almost immediately,” said Marc Chandler, global head

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The euro is slightly lower in early North American trading Thursday as investors wait for details on a European Union plan to help Greece with its fiscal crisis.After a meeting of EU leaders in Brussels, European Council President Herman Von Rompuy told journalists, “Euro-area member states will take determined and coordinated action if needed to safeguard financial stability in the euro area as a whole.”He gave no details and the euro was unable to make sustained gains on the news, instead sinking marginally below late Wednesday levels.Early Thursday, the euro is at $1.3716 from $1.3734 late on Wednesday, according to EBS via CQG. It was at Y122.98 from Y123.56. The dollar was at Y89.63 from Y89.96. The pound was at $1.5625 from $1.5593, while the dollar was at CHF1.0690 from CHF1.0677 against the Swiss franc.The ICE Dollar Index, which tracks the dollar against a trade-weighted basket of currencies, was at 79.994 from 80.027.A news conference is expected at the conclusion of the EU s

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