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The euro rose versus the dollar and yen after Greek Prime Minister George Papandreou signaled he won’t call for a referendum on a bailout package, easing concern voters would reject it and send the nation into default. Papandreou reached out to his political opposition about setting up a transitional government, indicating an accord would secure aid and remove the need for a referendum on euro membership.
The 17-nation currency earlier approached a three-week low versus the greenback after the European Central Bank cut its key interest rate to 1.25 percent and said Europe is heading toward a “mild recession.”
The dollar dropped as stocks and commodities rallied, damping demand for haven assets.
The euro gained 0.8 percent to $1.3850 at 1:50 p.m. in New York, after falling as much as 0.7 percent. It dropped to $1.3609 on Nov. 1, the weakest since Oct. 12.
GBP/USD: yesterday the pair rose.
USD/JPY: yesterday the pair holds in range Y77.90-Y78.10.
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