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Euro Set for Weekly Slump on Speculation Interest-Rate Increases to Slow
The euro headed for the first weekly drop in four versus the dollar amid dimming prospects the European Central Bank will accelerate interest-rate increases this year. The common currency fell against 10 of its 16 major peers on concern a resolution to Europe’s sovereign-debt crisis will be delayed after ECB Bank President Jean-Claude Trichet rejected any direct participation in a second bailout for Greece. New Zealand’s dollar was 0.6 percent from a record high after data showed China’s imports increased in May. The yen climbed on speculation Japanese exporters took advantage of yesterday’s biggest drop this ... (full story)