Euro Touches Six-Week Low as ECB Bank Repayments Miss Forecast
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The euro touched the lowest level against the dollar in six weeks after the European Central Bank said institutions will repay less of Long-Term Refinancing Operation borrowing next week than economists forecast.
The 17-nation currency trimmed gains versus the yen as the European Commission forecast the region’s economy will shrink for a second year in 2013. The Australian dollar rose the most in seven weeks after central bank Governor Glenn Stevens said the bar for intervention was high. Japan’s currency weakened amid a White House meeting between Prime Minister Shinzo Abe and President Barack Obama, who made no mention of the yen during remarks after the discussion.