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Forex - Euro drops sharply against dollar on profit-taking after earlier rises
LONDON (AFX) - The euro fell sharply at the end of a very volatile day for trading as profit-taking set in after the currency came close to fresh 21-month highs in the wake of weaker-than-expected University of Michigan consumer confidence data.
The UoM consumer confidence index dropped to 90.2 points in December from 92.1 in November, below expectations for an unchanged reading, provisional figures showed.
"Euro/dollar quickly pulled back ... after a failed attempt to overcome 1.3365 on the back of the weak University of Michigan consumer sentiment reading," said Jamie Coleman at Thomson IFR Markets.
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