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Italy, Brexit worries drag European currencies as US dollar rallies to roughly 1 ½-year high
The U.S. dollar took flight on Monday, hitting its highest level in about 1 ½-years, as political uncertainties in Europe— Italy’s budget dilemma and Brexit—drove the British pound and euro lower against key rivals. Investors watched closely for the next moves between Italy and the European Union, which weighed on the eurozone currency and dragged it to a late-June 2017 nadir. Rome’s first budget proposal for 2019, including a ballooning deficit, was rejected last month. Because Italy is the third-largest economy in the eurozone, market participants are keenly watching the escalating conflict from its ... (full story)