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Euro hits 11-month low against the dollar as banks hoard ECB cash

Guardian – The euro weakened about 1% percent against the dollar and the yen on Wednesday, the day before an important auction of long-dated Italian debt, while US stocks slid more than 1% on concerns about the economy in early 2012.

The European single currency hit a fresh 11-month low against the dollar of $1.291 and a 10-year low against the yen as data showed banks were hoarding the cash recently injected by the European Central Bank rather than lending it out – a bad omen for the European economy in 2012.

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