Euro Hits Five-Week Low

EC’s Barroso calls crisis ‘systemic’; ECB buys Spanish, Italian bonds.

The euro fell against the dollar as European Commission President Jose Barroso said the region is facing a “truly systemic crisis.”

The 17-nation currency pared declines from a five-week low after the European Central Bank was said to be buying Spanish and Italian government bonds, narrowing their yield gap over benchmark German bunds. The pound fell for a third day against the dollar as U.K. unemployment increased and joblessness among young people climbed above 1 million for the first time since at least 1992. The Dollar Index gained for a third day as European stocks fell, boosting demand for the U.S. currency as a haven.

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