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FOREX-Euro tumbles to lowest since January vs dollar

Thu Sep 4, 2008 11:07am EDT

NEW YORK,Sept. 4 (Reuters) - The euro fell to its lowest level against the dollar since January on Thursday after the chairman of euro zone finance ministers Jean-Claude Juncker said that the single currency was still effectively overvalued.

Currencies  |  Global Markets

Adding to gains in the dollar were comments by the International Monetary Fund, which said it believed that the euro was on the strong side despite some weakening and the greenback was now closer to its medium-term equilibrium level.

The euro last traded down 0.8 percent at $1.4377 EUR= after touching a session low of $1.4376, the lowest level since Jan. 22, according to Reuters data.

"Euro crosses are getting pummeled on Juncker comments. His comments are euro bearish on its face," said a Forex.com trader in Bedminster, New Jersey.

(Reporting by Wanfeng Zhou and Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama,)

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