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Mon 07 Jul 2010Euro drops on concern over stress tests
The euro fell against the dollar today, pulling away from a two-month high as concerns about the effectiveness of stress tests on European banks prompted investors to trim long positions in the single currency.
The euro had fallen 0.6 per cent on the day to $1.2570, easing from $1.2723 hit on Friday.
The dollar rose across the board, recovering from a fall against a currency basket late last week to its lowest since early May, as investors crept into dollar-denominated assets, a common occurrence during times of risk aversion.
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