Alan Ruskin News
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The euro fell against the dollar for a second week, reaching a three-month low, as concern mounted that politicians in Greece won’t be able to form a coalition government and the nation may exit the monetary union.
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The euro weakened for a second week, touching a three-month low versus the dollar, as concern builds that Greece may be forced to withdraw from the currency union with the nation’s politicians unable to form a government.
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The euro rose from a three-month low as Europe’s bailout fund confirmed that aid to Greece had been received and officials reported progress forming a government, easing concern the nation will leave the monetary union.
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The euro slid versus the dollar by the most in almost a month and reached an 11-week low against the yen after further slowing in the region’s economies and before national elections that may result in leadership changes.
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The yen gained versus all of its 16 most-traded counterparts as investors sought safety after U.S. payrolls increased less than forecast in April and before elections in Europe that may result in leadership changes.
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The euro fell by the most in 11 months against the yen as rising Spanish borrowing costs boosted concern the region’s sovereign-debt crisis in worsening.
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Buying U.S. equities is a better way than currencies to invest on positive economic growth, according to Alan Ruskin, global head of Group-of-10 foreign-exchange strategy at Deutsche Bank AG in New York.
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U.S. stocks slid, while Treasuries and gold tumbled and the dollar rallied, as Federal Reserve minutes showed central bankers saw no need for more monetary stimulus unless economic growth slows.
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The dollar rose against the euro and the yen as U.S. economic data indicated a strengthening recovery, undermining the case for more stimulus from the Federal Reserve.
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Weakness in the dollar will help push the euro as high as $1.40, according to Alan Ruskin , an analyst at Deutsche Bank AG.
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