Euro slips to 4-month low under $1.28 on Cyprus

LONDON — The euro fell to less than $1.28 for the first time in more than four months as a bailout for Cyprus and a political deadlock in Italy undermined demand for the region’s assets.

By (Bloomberg)

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Published: Thu 28 Mar 2013, 10:19 PM

Last updated: Sat 4 Apr 2015, 7:53 AM

Europe’s shared currency weakened against most of its major peers after Swiss bank Pictet & Cie. said the Cyprus crisis has “tarnished” the region’s attractiveness. It extended its decline as Italy sold five- and 10-year bonds.

The Dollar Index advanced for a third day before data that economists forecast will show contracts to purchase previously owned US homes fell in February.

Sweden’s krona advanced after a report showed retail sales climbed. The euro dropped 0.5 per cent to $1.2793 at 6:39 am. New York time, after touching $1.2787, the lowest level since November 21.

Europe’s shared currency declined 0.5 per cent to 120.84 yen. The dollar was little changed at 94.45 yen. Sweden’s krona climbed 0.7 per cent to 8.2943 per euro.

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