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The euro erased its decline against the dollar on speculation the sovereign-debt crisis in nations including Portugal and Greece will be contained.
The euro erased its drop as European Union Economic and Monetary Affairs Commissioner Olli Rehn said he’s “quite confident” the financial-aid package being negotiated for Portugal will result in the debt crisis being contained.
The dollar fell to its lowest level this month against the yen as U.S. initial jobless claims unexpectedly rose and producer prices advanced at a slower pace, encouraging the Federal Reserve to keep borrowing costs low. The euro slid earlier as concern Greece will have to restructure its debt pushed its bond yields to record highs.
“The developments in the euro-zone debt markets took some attention early in the day, but didn’t continue, so the euro began to move higher,” said Steve Barrow, head of G-10 currency research at Standard Bank Plc in London. “The U.S. data this morning didn’t help the dollar along any further.”
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