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Euro dropped to a four-week low

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Category: Forex

The euro dropped to a four-week low in opposition to the yen as French and Swedish industrial production fell greater than estimated, adding to speculation Europe’s economic outlook is worsening.

The 17-nation forex touched a two-month low against the dollar as Greek lawmakers prepared to vote Nov. 11 on next year’s budget. Sweden’s krona tumbled against all of its sixteen most-traded counterparts. The yen strengthened as traders sought the safest assets.

“It doesn’t really come as a shock that there are growth issues in Europe -- they are in a recession -- but the contraction appears to be like like it might be deeper,” said Eric Viloria, senior forex strategist for Gain CapitalGroup LLC in New York. “It’s going to add to negativity and weigh on the euro.”

 

The euro depreciated 0.four p.c to 100.88 yen at 9:34 a.m. in New York and touched 100.43, the weakest since Oct. 11. It has misplaced 1 percent this week. The shared foreign money slipped 0.3 % to $1.2713 after touching $1.2690, the weakest level since Sept. 7. The yen gained 0.2 percent to 79.33 per dollar.

Viloria mentioned the euro ought to be hemmed between $1.2740 and $1.2645 today.

French industrial output slid 2.7 p.c from a month earlier, a report showed. The median prediction was for a 1 percent decline. Business confidence in the euro space’s second- largest economy held close to a three-year low final month, in response to Bank of France data.
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