Exchange traded funds pegged to the euro’s movements against the dollar were set for a lower open Friday as U.S. Treasury Secretary Timothy Geithner met with European finance ministers to discuss ways to fight the debt crisis.
CurrencyShares Euro Trust (NYSEArca: FXE) was down 0.8% in preopen trading.
Geithner told finance ministers they need to take a unified approach and coordinate more closely with the European Central Bank to resolve the sovereign debt crisis, Reuters reported.
The meeting “will be watched for any signs of progress on more policy steps to deal with the crisis. The most immediate issue is the Finnish collateral question, and progress son this may be needed if the euro is to advance further,” said Adrian Schmidt, currency strategist at Lloyds Bank in London, in a MarketWatch report.