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Euro Falls Most in Seven Weeks as Draghi Signals Easing in June

The euro fell the most versus the dollar in seven weeks as the European Central Bank signaled it will ease in June, halting a rally that had pushed the 18-nation currency to the strongest level since 2011.

Emerging-market currencies from South Africa’s rand to South Korea’s won rose against the dollar as Federal Reserve Chair Janet Yellen declined to provide a timeframe for raising interest rates. ECB President Mario Draghi said that policy makers would be “comfortable” with further stimulus next month. A Commerce Department report May 16 is forecast show housing starts increased 3.6 percent last month, a sign of how the U.S. economy is faring after harsh winter weather.