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In the four years leading up to mid-2014, the euro averaged approximately 1.33 U.S. dollars and didn’t fall below 1.21 on a closing basis even once. There were some peaks and valleys along the way, but the euro held up fairly well throughout that time period. Then, in the summer of 2014, the euro began dropping in value—or, said another way, the U.S. dollar (USD) strengthened considerably. From May 2014 to June 2015, the euro-USD exchange rate fell by a whopping 22 percent.

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