A giant blue euro sculpture in the heart of Frankfurt's financial district has a new benefactor: The firm behind a sharia-compliant cryptocurrency. The future of the sculpture, in the shadow of the European Central Bank's former headquarters and long a symbol of Frankfurt's role in managing the single European currency, was at risk after the banks that paid for its upkeep backed out. On Tuesday, the sculpture's owner, the Frankfurt Culture Committee, revealed that it had secured a new sponsor, saving it from having to auction the 14-metre object.
Sterling crashed to a record low early on Monday as traders rushed for the exits on mounting concern that the new government's economic plan will stretch Britain's finances to the limit. The British pound's searing drop helped lift the safe-haven U.S. dollar to a new two-decade peak against a basket of major currencies, while the euro hit a fresh two-decade low against the greenback. In Japan, authorities reiterated that they stood ready to respond to speculative currency moves, after they intervened last week to bolster the yen for the first time since 1998.