The euro struggled in early Asian trade after the European Central Bank's surprise interest rate cut sent the single currency plunging to near eight-week lows.
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The euro got off to a rocky start on Monday in Asia as downside momentum gathered pace following a series of political setbacks in Europe over the weekend, prompting markets to lunge to safety.*
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The dollar barely reacted to President Barack Obama's jobs package in Asia on Friday, while the euro struggled to make any friends after the European Central Bank (ECB) seemed in no rush to resume its tightening policy.
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The euro wallowed at one-month lows against the greenback in Asia on Tuesday, while commodity currencies nursed heavy losses as concerns about the health of the global economy prompted investors to dump riskier assets.*
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The U.S. dollar was under pressure against a basket of major currencies in Asia on Monday, with traders expecting the Federal Reserve will offer more stimulus next month in the face of an uncertain growth outlook.*
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The euro nursed modest losses versus the greenback in Asia on Tuesday and could come under further pressure if euro zone manufacturing data point to more downside risk in a market already fretting about a global recession.*
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