Euro declines with cut in rates expected

The euro declined on speculation that the European Central Bank will cut interest rates to a record low today after a report showed Germany’s services industries unexpectedly shrank last month.

Metals fell and European stocks pared their drop.

The euro depreciated 0.7% to $1.2524 in New York yesterday. Copper decreased 0.9% and Brent crude dropped 0.8%. The Stoxx Europe 600 Index was little changed after falling 0.5%. Standard & Poor’s 500 Index futures were little changed. Italy’s 10-year bond snapped four days of gains.