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Euro slumps and yen gains as markets fret over global recovery trajectory
Wednesday, 6 May 2020 09:09 WIB | CURRENCIES | Euro YenDolar

The yen scaled a three-year high against the euro and a seven-week peak on the dollar on Wednesday, after a court decision challenging German participation in Europe's stimulus program and worries about a bumpy global recovery spooked investors.

The news sent the euro to a one-week low of $1.0826 overnight and it slumped to a three-year trough of 115.09 yen in Asia, as traders fretted about both the scheme and the euro's future.

The yen gained almost half a percent on the Australian dollar to 68.25 yen and is close to a three-week high. The Aussie and kiwi slipped slightly on the greenback, though held above 64 cents and 60 cents respectively.

The Aussie last sat at $0.6422 and the New Zealand dollar at $0.6044. The pound was steady at $1.2431.

Source: Reuters

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