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High-flying euro suppresses European equities
On Monday, the euro reached a 23-month peak versus an ailing greenback, putting pressure on equities of EU exporters before weaker-than-expected German business activity suppressed the common currency.
In Asian trade the euro hit $1.1684 before pulling back to $1.1648, tumbling 0.2% on the day. The common currency reached a minimum for the day of $1.1638 after preliminary data demonstrating that in July German private sector surged decreased more than expected.
The common currency’s strength helped to push the greenback – already suppressed by political uncertainty in Washington - to its lowest value in 13 months versus a basket of key currencies.
The common currency has ascended in recent weeks on hopes that the European Central Bank will get down to scaling back its bond-buying monetary stimulus scheme.
On Monday, European equities went down. The exporter-dominated German DAX index lost 0.2%, while the pan-European STOXX 600 index slumped 0.1%, having dropped 1% on Friday as the strong common currency put pressure on earnings.
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