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Dollar Drops to 7-Month Low Versus Euro Amid Global Stock Plunge

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U.S. Dollar Slumps on Waning Fed Rate Hike Expectations

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The dollar dropped to a seven-month low against the euro as concern the global economy is losing momentum led traders to cut bets the Federal Reserve will raise interest rates this year.

The dollar pared losses as U.S. stocks trimmed declines. A drop in commodity prices deepened a rout in emerging-market currencies that began after China’s shock devaluation of the yuan on Aug. 11.