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Euro Drops as Prospects Dim for ECB Rate Increases; Yen Advances

The euro weakened against most major counterparts on speculation the European Central Bank has finished raising interest rates as the region’s sovereign-debt crisis curbs economic growth.

The yen rose versus 12 of its 16 most-traded peers as U.S. consumer confidence slid to the lowest level since April 2009, adding to demand for safer currencies. Minutes of the last Federal Reserve meeting showed a few policy makers favored more aggressive action to stimulate the U.S. economy. The euro fell for the first time in three days versus the dollar before the ECB meets next week.