Euro drops vs $

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June 21: The euro fell against the dollar and dropped the most in two months against the yen on increasing speculation the European Central Bank will cut nterest rates for the first time in two years, after Sweden lowered its benchmark rate.

The euro is down 10.5% against the dollar this year on concern Europe’s economy is faltering and as pressure mounts on the ECB to cut rates. Sweden’s Riksbank reduced its rate to a record 1.5% because slowing growth in the euro region, the nation’s biggest trading partner, threatens Swedish exports.

Sweden “lights the fire for the crowd that thinks the ECB may have to cut rates,” said Jack McIntyre, who is part of a group managing $7.5 billion of international debt at Brandywine Asset Management in Wilmington, Delaware. “It’s hard to get too excited about the euro.”