The euro fell by the most in more than two weeks against the dollar amid concern the region’s lingering debt crisis will hamper efforts by governments and banks to raise funds. The common currency weakened versus all but one of its 16 major counterparts before France auctions €8.5 billion of debt.

The dollar gained 0.4 per cent to 81.44 yen, snapping a 10-day drop, the longest run of declines since October 2004. The Canadian dollar rose for the ninth straight day against the greenback, appreciating 0.5 to 99.30 Canadian cents per US dollar, after advancing to 99.15 cents, the strongest since May 2008. Financial markets in the UK, Australia, New Zealand and Japan were closed for public holidays.

The yen rose versus the euro after a Chinese report showed manufacturing expanded at a slower-than-forecast pace in December, supporting demand for safer assets while the Taiwan’s dollar approached a 13-year high before a report this week that economists predict will show inflation accelerated.

Travelex Global Business Payments Malta, freephone: 800 733 22, www.travelex.com/mt/

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