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The euro saw topsy turvy dealing versus the dollar, but managed to stay away from last week's 9-month low as traders weighed a slew of discouraging economic data from both sides of the Atlantic.
Even with US consumer confidence plunging to its lowest level in ten months, the euro failed to gain any traction versus the resurgent dollar.
The euro fell to 1.3535 versus the dollar, down more than a penny from its overnight highs. With the retreat, the euro moved toward 1.3444, its lowest level since last May.
The single currency also come under pressure versus the yen, as risk averse traders responded to falling stocks. The euro slipped to Y122.15, re-approaching a yearly low of 120.69 set earlier in February.
Another round of troubling economic data added to concerns about the sluggish recovery in the euro area. French consumer spending declined for the first time in five months in January as car sales plunged after increases in previous two months, data released by Insee showed Tuesday.
German business sentiment for February dropped to 95.2 from 95.8 in January, a monthly survey conducted by the Ifo Institute for Economic Research showed on Tuesday.
In the US, a report from the Conference Board revealed US Consumer Confidence index declined by 11 points to 46.0 in February, from an upwardly revised 56.5 for the previous month. Economists were expecting a more moderate decrease to 55.0 from the previously reported 55.9 for January.
A separate report from Standard and Poor's showed US home prices continued to show an annual rate of decline in the month of December. The S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 3.1% in December, following a 5.3% decrease in the previous month.
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