Euro powers on as investors desert US
The euro hit its highest level versus the dollar since early March, at $1.1035, while against the yen it hit a 30-month high at 132.5 yen per euro. The US equity markets managed a rally last week, but the former correlation between the dollar and Wall Street stocks was not in evidence.
Will Rugg, senior currency analyst at MMS International in London, said: "If you compare what’s going on in FX and in the equity markets, there’s a lot more scepticism in the currency markets about the US recovery
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