Meanwhile the dollar rallied sharply possibly related to a delay in EU interest rate increases which weakened the Euro.
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Futures were down 7 handles early this morning after some soft European data weakened the euro, but stocks are bouncing in afternoon trading.
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The U.S. dollar weakened against the euro, with the exchange rate standing at a solid 1.2578.
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The euro weakened in response to the report while peripheral government bond spreads continued their blow out against German bunds.
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Despite healthy volume, average selling price continued to decline as the Euro weakened and Germany transitioned to a new, lower feed-in-tariff regime.
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In the currency market, the euro weakened against the dollar, buying 88.50 U.S. cents, compared with 89.65 cents in late New York trading a day earlier.
Both the pound and the Australian dollar have weakened considerably against the euro since July.
The Euro currency weakened overnight on more disappointing economic data coming out of the European Union.
The euro has weakened by about 10% against the dollar since the beginning of 2010.
Moody's cut its forecast for the U.K. economy, saying Britain's economic and fiscal outlook have weakened due to the euro-zone crisis, though it kept its negative outlook and triple-A credit rating on the country.
Steven Sadove, chairman and CEO of Saks Fifth Avenue, is optimistic despite the fact that tourists, an important consumer for Saks, are taking a hit to their spending power since the Euro has weakened against the dollar.
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They aim to reduce or maybe even eliminate all policy differences that have weakened the 17-nation Euro Zone.
The Euro currency also weakened on the Spain news.
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"Not only has time marched on in real estate markets, but the position of the U.S. dollar as the world currency has weakened significantly against the Sterling and Euro as well, " says Ian Payne, senior vice president and managing director for Europe, Middle East, Africa and Asia Pacific for Realogy (nyse: H - news - people ) global relocation firm Cartus.
In foreign exchange markets, the yen weakened against the U.S. dollar and the euro as investors welcomed the BOJ's new easing measures.
Being outside the euro zone, though a blessing overall, has already weakened Britain within Europe.
The Euro currency rallied and the U.S. dollar index weakened on the news.
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By contrast, Germany may have had its reputation for monetary soundness weakened, as the Bundesbank feared that it would, after it agreed to join the euro.
In European trading, stocks fell overnight and the Euro currency was pressured following some fresh economic news out of Spain showing its manufacturing sector weakened further in October.
Germans insist that PIIGS and other weak euro zone countries pass crippling austerity measures otherwise they will be penalized (and, therefore, further weakened).
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