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The euro gained versus the dollar by the most in two weeks after German Chancellor Angela Merkel agreed to compromise and work with the European Central Bank on a debt plan for Greece.

The shared currency strengthened against a majority of its 16 most-traded peers after Merkel retreated from German demands that bondholders be forced to shoulder a “substantial” share of a Greek rescue, easing concern the region’s sovereign debt problems will worsen. The euro pared its gains after Moody’s Investors Service said Italy’s bond rating may be cut. Currencies link to risk advanced as stocks gained, while the dollar dropped on concern the economic recovery is faltering.

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