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Market Update: Euro Slightly Down Ahead of ECB Meeting
The euro was down at $1.217 during the second week of June, from an over four-month high of $1.2265 hit in May, following the release of mixed economic data and as investors awaited a European Central Bank meeting on Thursday. The Eurozone economy contracted less than initially thought in the first quarter; while disappointing data for Germany showed an unexpected deterioration in June’s investor morale and declines in both industrial production and factory orders for April. Chancellor Angela Merkel warned Monday that the global shortage of semiconductors, which could last until at least mid-2022, was making Germany’s economic recovery more difficult. [/s2If]
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