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Euro extends gains to hit fresh 6-month high against US dollar

The euro climbed to a fresh six-month high on Monday as the currency rebounded against the US dollar.

The euro rose as much as 0.36 per cent to $1.1246 on Monday — its highest level since November 9 — having declined as much as 0.4 per cent to $1.162 earlier in the day.

The moves came after Angela Merkel, the German chancellor, told school students in Berlin that “the euro is too weak”, which she attributed to European Central Bank policy.

“The context she was saying this in was in her description over why Germany has such a high trade surplus but the euro moved anyway,” said Peter Boockvar, chief market analyst at The Lindsey Group.