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Dollar drops after Snow suggests U.S. won’t halt decline

Tuesday, Jan. 11, 2005 | 9:09 a.m.

The dollar dropped the most in more than two weeks against the euro after Treasury Secretary John Snow suggested the U.S. won't strengthen its currency.

Exchange rates are best set by markets, Snow said late Monday, failing to repeat a Jan. 7 remark that the Bush administration wants to "sustain the strength" of the dollar.

Against the euro, the dollar declined to $1.3164 at 9:32 a.m. in New York, from $1.3073 late Monday, the biggest drop since Dec. 23, according to currency-trading system EBS.

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