Currencies News
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The dollar dropped to a post-World War II low against the yen and fell versus most major currencies on speculation Europe is moving closer to resolving its debt crisis and the Federal Reserve may seek further monetary easing.
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The euro dropped the most against the Swiss franc in almost two months and fell versus the yen as European leaders prepared for two summits over the next four days to battle the sovereign debt crisis.
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The pound strengthened to a six-week high against the dollar after a government report showed the nation’s budget deficit narrowed in September more than economists forecast.
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The rand rose against the dollar, snapping four days of losses and paring its first weekly decline in four, as European leaders prepared for two summits in five days to resolve the region’s debt crisis. Bonds rose.