The euro remained lower following a decline yesterday after the International Monetary Fund slashed its growth forecast for the currency bloc as European leaders struggle to contain the regionâ€™s debt crisis.
The shared currency maintained a drop against the yen before data from Italy tomorrow that economists say will show the nationâ€™s industrial production decreased the most in more than two years. German Chancellor Angela Merkel visits Greece today for the first time since the crisis began in 2009.
â€œThe euro is struggling to strengthen,â€ said Kengo Suzuki, a currency strategist in Tokyo at Mizuho Securities Co., a unit of Japanâ€™s third-largest bank by market value. â€œThe economic outlook is not bright in Europe.â€
The euro was unchanged from yesterday at $1.2968 as of 8:07 a.m. in Tokyo after losing 0.6 percent in New York. It was little changed at 101.54 yen following a 1 percent drop, the biggest slide on a closing basis since July 20. The dollar was at 78.32 yen from 78.33.