Euro Drops Versus Yen on Bets ECB to Hold Policy
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The euro fell to a five-week low against the dollar after European Central Bank President Mario Draghi made an unprecedented pledge to keep interest rates low for an extended period.
The 17-nation currency dropped the most in almost three weeks versus the yen as Draghi said the ECB’s monetary policy stance will “remain accommodative” for as long as needed to spur growth. The pound slumped the most in almost two years against the dollar after the Bank of England said rising bond yields around the world will weigh on the nation’s economic outlook. The Dollar Index rose a four-week high before the Labor Department releases its monthly job report tomorrow.