FOREX Euro under pressure as inflation fears send investors to dollar haven

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Woman holds U.S. dollar banknotes in front of Euro banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration

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SINGAPORE/HONG KONG, June 30 (Reuters) – The euro struggled to regain a footing on Thursday, having tumbled overnight against a resurgent U.S. dollar, which benefited from safe-haven demand on renewed worries about higher rates and a global recession.

The euro was at $1.044, after losing 0.75% on the dollar the day before, and heading for a monthly decline of 2.7%.

It also dropped to a fresh 7-1/2-year low versus the Swiss franc at 0.99663 francs, with the Alpine currency another beneficiary of safe-haven flows and also still basking in the afterglow of the Swiss National Bank’s surprise rate hike two weeks ago. read more

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Christopher Wong, senior FX strategist at Maybank, attributed the euro’s fall…

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