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Yuan Posts Biggest Two-Day Loss Since 2008, Nears Band Limit
China's yuan posted the biggest two-day loss since 2008 and sank to a record discount to the central bank's reference rate, nearing the limit of its trading band.
Euro steadies despite Greek worries
(Reuters) - The euro regained a foothold in early deals in London on Monday, investors choosing to take some profit on two days of dramatic losses after the results of elections in Greece sent the single currency to an 11-year low.
The single currency fell as low as $1.1098 after projections showed anti-austerity party Syriza won 149 seats in the 300-seat Greek parliament, setting Athens on a collision course with international lenders and potentially threatening its place in the euro.
However, it had recovered to trade higher on the day at $1.1224 by 0748 GMT. Dealers and analysts in London said the most likely next move was still down but that the European Central Bank's announcement of outright money-printing last week had insulated European markets from the fallout of the Greek vote.
"I think on the day people will look to re-sell 1.1250/60 or less," said Stephen Gallo, European head of FX strategy with Bank of Montreal in London.
Tsipras Wins and Sets Greece on Collision Course With Euro Partners
Greek Prime Minister-elect Alexis Tsipras set up a confrontation with his European peers as he prepared to form a coalition dedicated to ending austerity, saying the era of bowing to international demands for budget cuts is over.
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