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The euro pared its advance versus the dollar after Italian Prime Minister Silvio Berlusconi won a vote today in parliament on last year’s budget report without an absolute majority, fueling more calls for him to quit. Italy’s 630-seat Chamber of Deputies approved the routine budget report today with 308 votes, Speaker Gianfranco Fini said in Rome. Berlusconi’s failure to muster an absolute majority spurred further calls for his resignation as Italy struggles to convince investors it can fund itself. The chamber had failed to pass the report in an initial ballot last month, prompting a confidence motion won by Berlusconi on Oct. 14 with 316 votes. Since then he has faced defections that reduced his majority.
The yen gained to its strongest level against the dollar since Japan intervened Oct. 31 to stem its rise. The yen reached a post-World War II high of 75.35 on Oct. 31, threatening exporters, and the Bank of Japan sold the currency to weaken it.
The franc rose versus the euro as Swiss National Bank Vice President Thomas Jordan said the SNB is not weakening it to gain export advantage. The franc appreciated 0.4 percent to 1.2359 per euro and gained 0.4 percent to 89.65 centimes per dollar.
Australia’s dollar fell against the greenback after the nation’s trade surplus shrank more than forecast. Australia’s dollar weakened after statistics bureau data showed exports exceeded imports by A$2.56 billion ($2.64 billion), compared with a revised A$2.95 billion surplus in August.
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