London — The euro hit a 23-month high on Monday against an ailing dollar, weighing on shares of European exporters before weaker than expected German business activity took the shine off the single currency. The euro touched $1.1684 in Asian trade before pulling back to trade at $1.1648, down 0.2% on the day. It hit a low for the day of $1.1638 after preliminary data showed German private sector growth slowed more than expected in July. The euro’s strength helped push the dollar — hamstrung by political uncertainty in Washington — to its lowest in 13 months against a basket of major currencies. The euro has risen in recent weeks on the expectation the European Central Bank (ECB) will before long begin to scale back its bond-buying monetary stimulus scheme. On Friday, the day after an ECB policy meeting, four sources with direct knowledge of the discussions said policy makers saw October as the most likely date to decide whether to claw back stimulus. European shares fell on Monday. ...
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