Euro Rises to $1.30 on Speculation Contagion Will Be Contained
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The euro strengthened to $1.30 for the first time in a week on optimism Cyprus is moving closer to a deal to stave off financial collapse and prevent contagion from infecting the rest of the region.
Europe’s shared currency climbed versus all of its 16 major peers as Cyprus’s House of Representatives approved measures as part an attempt to secure financial support. The pound pared a gain versus the dollar after Fitch Ratings said it may downgrade the U.K.’s AAA rating. Asian currencies fell for a fifth week, the longest losing streak since June, as the turmoil in Europe reduced demand for higher-returning assets.