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EUR/USD update (21st June 2012, 15:15)

Risky assets weakened as investors fled to safe-haven Treasuries after the Fed downgraded its growth forecasts and extended 'Operation Twist'. 

Also weighing on the euro was the German PMI manufacturing activity index, which fell to a three-year low, declining to 44.7 in June from 45.2 previously.

Manufacturing activity in China also contracted, with the PMI figure falling to 48.1 in June from 48.4 in May. PMI readings below 50 signify a contraction.

The common currency did not receive much of a boost from the Spanish bond sale either, as yields continued to soar, although the take-up of €2.2 billion exceeded the maximum target of €2 billion. The two-year yield more than doubled at 4.706% from 2.069% previously, while the five-year yield rose to 6.072% from 4.96%. 

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EUR/USD update (21st June 2012, 15:15)

Risky assets weakened as investors fled to safe-haven Treasuries after the Fed downgraded its growth forecasts and extended 'Operation Twist'. 

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