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Euro, sterling register gains against dollar, yen

This article was originally published in Dairy Markets

The euro extended Wednesday's rise against the dollar and yen in Far East trading on Friday, jumping 2% versus the dollar. As the European single currency rebounded from a 2-1/2 year low of €1 = $1.2329 struck on Tuesday, the greenback posted its biggest one-day fall in 23 years yesterday after the Federal Reserve Bank delivered a half-percentage point cut in interest rates to 1.0%, the lowest level since 2004. In late Tokyo trading this morning the euro climbed to €1 = $1.3220, having earlier hit a high of €1 = $1.3300. In early European trading the dollar recovered some ground, trading at around €1 = $1.3094.

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