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20/05/2010 00:00 AST
The euro fell on Thursday, edging back towards a four-year low as investors nervous over policy disarray in the euro zone trimmed their assets in the region and used the previous day's bounce to sell the currency.
Higher-yielding currencies such as the Australian dollar and yen crosses also dropped after losses in the Nikkei share average lowered investor risk tolerance, traders said.
There was talk some managers of Japanese mutual funds or "toushin" were selling assets related to emerging markets, the euro zone and higher-yielding currencies, possibly to repatriate funds in case stock falls led toushin holders to cancel, they said.
The euro had rebounded from a four-year low of $1.2143 on Wednesday as traders covered short positions on speculation European monetary officials might move to check its rapid fall.
A European Central Bank spokesman declined comment on the market rumours, and Eurogroup Chairman Jean-Claude Juncker said in Tokyo on Thursday he did not see a need to take immediate action.
"After it rose above $1.2400, players such as speculators and macro hedge funds were said be selling the currency," said a trader at a Japanese trust bank.
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Guardian.co.uk
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
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