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Euro Continues to Fall on Credit Worries

The euro gained slightly on the dollar yesterday after US consumer prices rose less than expected. Despite this retracement, credit and solvency worries within the European Union are expected to keep investors wary of the euro.

“Concerns about the region’s debt crisis weigh on the euro,” said Jeremy Stretch, executive director of foreign- exchange strategy at Canadian Imperial Bank of Commerce in London. “That’s given the dollar a boost, and the euro stays under pressure. Ireland’s problem is not so much a sovereign issue as a banking issue.”

Source: Bloomberg [1]

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Scott Boyd

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