Euro Rebounds to Six-Month High on Merkel While Dollar Steadies
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- Implied volatilities on yen crosses erase last week’s gains
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The euro climbed to a six-month high, rebounding from an early decline, after Chancellor Angela Merkel said the common currency was “too weak.” The dollar stabilized in a narrow range following the biggest weekly slump since July.
Europe’s common currency rose as much as 0.3 percent to $1.1236, its strongest level since Nov. 9, after dipping to $1.1162 earlier. The euro is weak because of the European Central Bank’s accommodative policy, and that has made German exports cheaper, Merkel told school students in Berlin. The Bloomberg Dollar Spot Index was little changed as of 11:50 a.m. in London, after sliding 1.6 percent last week.