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The dollar fell against the yen and erased gains versus the euro after U.S. retail sales unexpectedly fell for a third month, adding to speculation the Federal Reserve will take further steps to bolster the economy.
The euro reached a six-week low against the yen as the inflation rate in the currency region last month matched the lowest since February 2011. The yen rose versus most of its major counterparts as the Dollar Index erased gains before Fed Chairman Ben S. Bernanke testifies to Congress tomorrow on the state of the economy.
The Dollar Index erased gains after a Commerce Department report showed U.S. retail sales dropped 0.5 percent in June. The gauge, which Intercontinental Exchange Inc. uses to track the greenback against the currencies of six major U.S. trading partners, fell 0.1 percent to 83.235. It increased 0.4 percent earlier.
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