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Euro Gains Versus Dollar Amid Speculation Before Greek Election

The euro strengthened against the dollar for a second week as investors reduced record bets against the currency before Greece’s June 17 election, and amid speculation central banks may provide aid to financial markets.

The 17-nation currency erased earlier losses against the dollar on concern its decline since April has been overdone. Central banks are preparing for coordinated action to provide liquidity, if needed, after a general election in Greece in two days, Reuters reported. The dollar headed for weekly declines versus major peers as weaker U.S. growth added to the case for further monetary stimulus from the Federal Reserve.