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Euro hits 7-month high, European shares briefly drop after U.S. CPI

FILE PHOTO: Illustration shows U.S. Dollar and Euro banknotes

LONDON (Reuters) - The euro hit a seven-month high, European government bond yields briefly trimmed falls and European shares dipped after data showed an easing in U.S. inflation in December.

The U.S. consumer price index fell to 6.5%, in line with expectations.

The euro rose to a more than seven-month high at $1.08155. It was last up 0.3% at $1.0777.

Germany's 10-year bond yield, the benchmark for the euro area, briefly trimmed some of its earlier falls. It was last down 7 basis points on the day at around 2.12%.

The pan-European STOXX 600 briefly trimmed gains before hitting a new high on the session. It was last up 0.8%. Wall Street futures were mixed.

And in Britain, government bond futures fell sharply before lurching up and then returning close to to their earlier level. The yield on 10-year British gilts was also volatile, briefly falling to its lowest level in nearly a month at 3.289%, before recovering.

(Reporting by the London markets team, writing by Samuel Indyk; editing by Dhara Ranasinghe)