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Dollar advances as financial crisis hits euro, sterling

This article was originally published in Dairy Markets

This week's dollar surge, as the financial crisis took a toll on European banks, continued after the US Senate passed a $700 billion bank rescue bill, pushing the greenback close to a one-year peak against a basket of currencies in Far East trading on Thursday. The euro had broken below €1 = $1.40 in New York on Wednesday for the first time since September 12. The single currency fell to €1 = $1.3856 in early European trading, the lowest since September 2007.

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