Euro Weakens Against Dollar on Growth Concern as Pound Declines
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The euro fell from near an 11-month high against the dollar after reports showed Italian industrial orders dropped and Spanish bad loans increased, adding to signs the region’s economy will struggle to expand this year.
Europe’s shared currency slipped from the highest in 20 month against the yen amid speculation its 4.7 percent gain this year has been too rapid. The Swiss franc declined to the least since May 2011 against the euro after a trade union called on the nation’s central bank to change its cap on the currency. South Africa’s rand dropped on concern labor protests will curb exports. The pound slid for a sixth day against the dollar as retail sales unexpectedly fell.