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The euro was pinned at a 20-year low on Friday, licking its wounds at the end of its worst week in two months as investors braced for Europe to tip in to recession, while markets awaited US jobs data to set the next direction for the dollar.

The euro is down more than 2% this week on fears that gas shortages loom in Europe and economic growth will suffer.

Europe is exposed to large risks around energy dependency,a cost of living crunch on the consumer, and fragmentation risk.The Australian dollar rose 0.3% on Friday to $0.6850, scraping from a two-year low of $0.6762, with help from a infrastructure-led stimulus programme announced in China that traders hope will boost demand for raw materials.It is down 0.3% on the week, but bounced a bit overnight when Prime Minister Boris Johnson quit, ending uncertainty about his future.

US non-farm payrolls figures are the next indicator, due at 1230 GMT, with economists forecasting some 268 000 jobs were added in June.

 

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