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Euro reverses early rise as Greek bailout talks collapse in acrimony

The Euro surrendered early gains against the dollar yesterday and German government bonds attracted demand after a meeting of Eurozone finance ministers to discuss the future of Greece's bailout broke down in acrimony. The single currency, which had earlier risen as high as $1.1429, was down 0.5% at $1.1328. The 10-year German Bund yield, which ended the official session 1bp lower at 0.35%, fell to 0.33% in after-hours trading. But European stock markets had closed before the news of the talks' collapse, and the FTSE Eurofirst 300 edged back less than 0.1% from Friday's seven-year closing high. Gold pared an earlier advance to stand $2 higher at $1,231 as the Euro's reversal pushed the dollar higher. The US currency was up 0.3% against a weighted basket of its peers, but was 0.3% lower against the yen at Y118.40.

 

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