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Euro Falls on Concern S&P Downgrade Will Hurt French Debt Sale

The euro weakened for a second day, touching an 11-year low versus the yen after Standard & Poor’s stripped France of its top credit rating and cut eight other euro-zone nations.

The shared currency extended a six-week-long drop against the greenback before a series of debt auctions this week by European nations begins with France’s bill sale today. The yen and dollar strengthened against most of their major peers as concern that Europe’s financial turmoil will intensify boosted demand for safety. Australia’s dollar slid before data on economic growth in China, the nation’s biggest trading partner.