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Euro partially recovers losses

Late Thursday, the euro stopped losing ground. The last price for the common currency was $1.0166. The euro fell to 1.0114 US dollars in the business of European currencies. The reference rate was set by the European Central Bank (ECB) at 1.0122 dollars (Wednesday: 1.0152 dollars). So, it cost 0.9880 (0.9850) euros to buy a dollar.

Euro is stable above 1.02 US dollars

There was bad news about the economy in the USA. In the spring, the US economy slipped into a recession. After a drop in economic output at the start of the year, the gross domestic product (GDP) fell by 0.9% in the second quarter, which is the same as saying it fell by 0.9% for the whole year. Since the US economy shrank by 1.6% on an annualized basis in the first quarter, a technical recession has happened.

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