July 5th, 2012

Euro Futures – The euro tumbled to the lowest level in more than a month versus the dollar after the European Central Bank cut its key interest rate to a record 0.75 percent and reduced its deposit rate to zero for the first time.

The shared currency weakened against higher-yielding peers including the Australian dollar as ECB President Mario Draghi said some risks to growth have “materialized.” The Dollar Index jumped the most in almost eight months as reports showed U.S. labor-market improvement. The pound fell against the dollar after the Bank of England extended its asset-purchase program.

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