The euro hit an eight-month low against the dollar on Wednesday as worries over tougher sanctions on Russia and their potential impact on fragile euro zone growth drove investors away from the single currency.

The Australian dollar rose over half a percent against the U.S. dollar, boosted by a higher-than-expected reading of a key gauge of underlying inflation in June, denting market speculation of future rate cuts.

The euro’s weakness was broad-based, dropping to its lowest in nearly two years against the British pound. The single currency fell to 78.83 pence, its lowest since August 2012.

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