The euro rallied on Wednesday after the U.S. dollar tumbled, following weaker-than-expected U.S. retail data and spikes in German and U.S. government bond yields, which have rattled markets and pushed investors to reconsider their short bets on the single currency.
Having touched lows of around $1.04 in March after the launch of the European Central Bank’s massive trillion-euro bond-buying program, the euro has climbed against the dollar as European government bond yields have edged higher and a resolution to debt talks between Greece and the euro zone have proven elusive.
The dollar hit a more-than three-month low against a basket of major currencies after U.S. retail sales data missed expectations, helping to support expectations that the U.S. Federal Reserve will hold off on raising rates.
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