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The euro fell against the majority of its most-traded counterparts, erasing earlier advances, as stocks pared gains, damping demand for higher-yielding assets.
The yen slid from almost its postwar record versus the dollar after Japanese Finance Minister Yoshihiko Noda said he’s ready to take decisive steps to stem its strength. The dollar dropped earlier amid bets Federal Reserve Chairman Ben S. Bernanke will signal at an Aug. 26 conference in Jackson Hole, Wyoming, the Fed will boost monetary stimulus.
“Everyone is focusing on equities and taking their cues from that,” said Andrew Cox, a New-York based currency strategist at Citigroup Inc. “The euro has traded in a very tight range and we don’t see a catalyst for that to change, at least before Friday.”
The Standard & Poor’s 500 Index was up 0.4 percent after appreciating earlier as much as 2 percent.
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