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Euro Lowest in Over Two Years

Concerns about debt crisis leave euro weaker against the dollar.

By David Goodman and Masaki Kondo, Bloomberg | Updated on July 23, 2012

The euro weakened to a more than two-year low against the dollar, falling below $1.21, as concern mounted that European leaders are failing to gain control of the region’s debt crisis.

The 17-nation currency dropped to less than its lifetime average versus the dollar, and slid to an 11-year low against the yen. Japan’s currency strengthened against all 16 of its major counterparts as investors sought safer assets. Six Spanish regions may ask for aid from the central government, El Pais reported, propelling the nation’s 10-year bond yield to a euro-era high. The Swiss franc weakened through 99 centimes per dollar for the first time since December 2010.

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