Bloomberg.com: Euro to Resume Drop as European Officials Favor Weaker Currency

Bloomberg.comEuro to Resume Drop as European Officials Favor Weaker Currency

``I have no doubt the European politicians are more than happy to have the euro down here,'' said Cameron Crise, who helps manage about $6 billion in currencies at Fortis Investments in London. ``It gives stimulus to the very sector they are relying on, exports.'' He said the funds he manages have been betting against the euro all year. ``You will ultimately see the dollar higher and the euro lower.''

Against the dollar, the euro rose 1.5 percent last week to $1.2286 at 5 p.m. on June 17 in New York, the first gain in three, according to electronic currency-dealing system EBS. It rose 1.3 percent to 133.38 yen. The dollar was little changed versus Japan's currency at 108.57.