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Euro breaches $1.19 for the first time since 2015

The euro briefly climbed above $1.19 against the US dollar on Wednesday, the first time it has crossed the threshold since the start of 2015.

The euro has found renewed strength as economic activity across the bloc has quickened and investors dial back expectations of when the Federal Reserve will next raise interest rates, a factor that has weighed on the dollar.

The currency has risen 13 per cent against the dollar this year.

The gain by the euro pushed the DXY dollar index towards its lowest closing level since 2015. The index slid as much as 0.5 per cent to a low of 92.55 on Wednesday, with losses accelerating after 1pm in New York.