Euro weakens as crisis continues

The euro weakened for a seventh successive day against the dollar as Greek politicians struggled to form a new government after elections raised the prospect of the country withdrawing from the currency bloc.

The 17-nation single currency extended its longest run of declines against the dollar since Sep 2008 as German chancellor Angela Merkel rejected government stimulus as the way to spur economic growth, setting up a clash with French president-elect François Hollande.

The pound dropped against the dollar as a report showed British house prices fell in April. Australia’s dollar declined after the trade deficit widened.