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EURO Falling (at last!)

The euro has dropped to its lowest rate against the dollar and pound in 16 months, as concerns continue over the health of Europe’s banks.

The euro fell as low as $1.2780 against the dollar and was at an 11-year low versus the yen. Against the pound, it fell to 82.52p, the lowest since September 2010.

Markets were unsettled after France’s cost of borrowing rose and a Spanish minister suggested its banks may face a higher bad loan bill.

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