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Euro fell to 2-month lows

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Category: Forex

The euro fell to 2-month lows against the dollar and Swiss franc as European finance ministers struggled to agree on easy methods to provide extra assist for Greece, curbing demand for the region’s common currency.

Europe’s shared currency pared its drop after German newspaper Bild-Zeitung reported that Germany favored combining help funds supposed for Greece into a single package. Euro-area policy makers gave the indebted nation two extra years to lower its finances deficit yesterday, pledging to plug the ensuing financing gaps. The pound snapped 4 days of declines towards the dollar after data confirmed U.K. inflation quickened final month.

“Greece remains unsustainable and a credible solution must be discovered,” mentioned Lee Hardman, a forex strategist at Financial institution of Tokyo-Mitsubishi UFJ Ltd. in London. “There’s a press report from Germanystating that Greece is to get 44 billion euros in a single help payment. I don’t think it is a sturdy enough reason to assist a full rebound within the euro.”
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