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Euro struggles again

The euro is set for its first back-to-back annual drop versus the dollar since 2001 on concern Europe's debt crisis will weigh on the region's economic growth.

The euro traded 0.3pc from a decade low against the yen before data next week forecast to confirm European manufacturing contracted for a fifth month.

The Australian and New Zealand dollars strengthened for a second day versus the dollar as Asian stocks rose before reports that may indicate a US recovery. China's yuan climbed to a 17-year high on signs the nation's central bank favours the currency's appreciation to prevent capital outflows.