The euro held close to a seven-month low against the dollar on Wednesday as concerns over eurozone banks deepened and data raised worries over the region’s economy.
The single currency suffered after Moody’s downgraded the long-term credit rating of French banks Crédit Agricole and Société Générale, while news that two banks had tapped the European Central Bank for dollar funding also weighed on the single currency.
News that eurozone industrial production rose less than forecast in July added to fears that the region was suffering from a broad economic slowdown.
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