Euro Rallies Most in Week as Cyprus-Led Contagion Concern Fades
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The euro gained the most this week versus the dollar as falling Spanish and Italian government bond yields signaled Cyprus’s banking crisis may be contained.
Japan’s currency strengthened as the Bank of Japan reiterated its monetary-stimulus options, damping speculation for additional novel measures to boost the economy. Europe’s common currency rose from a four-month low to the dollar as Cyprus’s banks opened, with rules curbing access to cash. Mexico’s peso has been the best performer against the dollar among its 16 major peers this month and this quarter.