The euro declined during morning trading in Europe after the German Bundesbank released a statement that it expected the German economy to weaken in the second half of the year. The euro fell by 0.3 percent to 1.4268 as of 11:16 a.m. in London, after earlier appreciating by as much as 0.3 percent. It was 0.4 percent weaker at 116.35 against the yen, after being as high as 117.17.
Ã¢â‚¬Å“Growth is likely to ease somewhat in the foreseeable future,Ã¢â‚¬Â the Frankfurt-based Bundesbank said in its monthly bulletin published today. The economyÃ¢â‚¬â„¢s 1.5 percent growth rate in the first quarter Ã¢â‚¬ËœÃ¢â‚¬Ëœconsiderably overstates the underlying economic momentum. Output growth was clearly lifted during the reporting period by backloading and catching-up effects.Ã¢â‚¬â„¢Ã¢â‚¬â„¢
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