Euro dives as Spain, Italy prepare to sell debt and Brussels summit awaits

The value of the shared currency of the European Union dropped against the U.S. dollar on Monday, just before two debt-riddled nations prepare for debt auctions, according to Bloomberg.

Also dragging down the value of the euro on Monday was a prediction issued by George Soros, billionaire investor, who said the monetary unit will deteriorate if leaders of the European Union are unable to reel in tumult and upheaval caused by the sovereign debt crisis when they convene later this week. The euro lost 0.5 percent of its value last week against the world's reserve currency.

"I would not rule out the euro falling further in the near term," chief strategist Michael Derks with FXPro Group in London told the news source. "I would not hold out a great deal of hope that this particular summit is really going to produce drastic measures or the big solution."

Spain and Italy are set to conduct bond auctions on Tuesday and France and Italy are prompting Germany, the euro zone's top economy, to more forcefully confront the sovereign debt crisis.

European leaders are prepared to convene on Thursday and Friday in Brussels to stave off dangers presented by the sovereign debt crisis, according to Agence France Presse.