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Euro Hits 22-Month Low

Currency weakens on pessimism about the outcome of todays EU summit.

By Allison Bennett and Emma Charlton, Bloomberg | Updated on May 23, 2012

The euro fell to its weakest level against the dollar since July 2010 on speculation a summit of European Union leaders will provide no new measures to stem the sovereign-debt crisis.

The shared currency extended losses after dropping below 100 yen for the first time since February and weakening to less than $1.26, price levels where traders who follow technical analysis said sell orders were clustered. The yen climbed at least 0.7 percent versus all its major peers after the Bank of Japan left its asset-purchase fund unchanged.

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