DEBT CRISIS

Euro Loses Value

Hits below $1.30 for the first time since January.

European turmoil is taking its toll on the euro, as the region’s currency dropped to below $1.30 today for the first time since January. Today’s valuation was a 10-week low against the yen for the euro, some of whose member states such as Spain and Italy continue to fall deeper into debt. The euro’s loss was Britain’s gain, as the pound rose against its neighbors’ currency for the third day in a row—the longest streak this month. Britain declined to join the rest of the European Union in a recent pact to revise the group’s treaty regarding debt rules. Meanwhile, German Chancellor Angela Merkel told Parliament that she regrets that the U.K. did not back the new fiscal rules, since Britain is a key EU partner.