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Euro Down Versus Dollar

Wednesday, 5 Oct 2011 | 1:00 AM ET

The euro is down against the dollar due to further bad news from Europe, Jeremy Stretch, head of currency strategy at CIBC, told CNBC. "Yes, we have the rescue of Dexia, but we are talking about the creation of a bad bank, and the reality is that this is symptomatic of the bigger picture, as far as the euro zone is concerned," he said.