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Euro Up on Rate Hike Speculation

Currency gains after EU officials agree to reconsider terms of Greek bailout.

By Lucy Meakin, Bloomberg, Ronnie Harui, Bloomberg | Updated on May 09, 2011

The euro rose against the dollar, rebounding from its biggest two-day drop since 2008, on speculation the region’s debt crisis won’t keep the European Central Bank from increasing interest rates.

The common currency gained after European Union officials agreed in an unannounced meeting on May 6 to reconsider the terms of the 110 billion-euro ($158 billion) lifeline Greece received last year. The yen weakened versus most major peers and the dollar index slipped as commodities rallied. The pound depreciated after the Confederation of British Industry lowered its economic growth predictions and a report showed house prices unexpectedly fell.

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