12 Feb '11, 12am

Dollar gains on euro amid Portugal worries

NEW YORK - The dollar pushed back against the euro Friday after a seesaw week, with the resignation of Germany's central bank chief and new worries about Portugal's fiscal situation pressing down the European currency. At 2200 GMT the euro traded at $1.3546, compared to $1.3601 late Thursday. The dollar kept up its climb against Japan's currency, rising to 83.42 yen from 83.20 yen. Egypt's political drama, with President Hosni Mubarak defying grassroots pressure to resign Thursday and then finally giving in on Friday, dominated the news, but had little substantial effect on the main currencies. The key news was the announced departure of Bundesbank boss Axel Weber, effective April 30. That also took him out of the pole position in the race to become the next European Central Bank chief. Having a German succeed in the ECB job would have strengthened the voice of German Chan...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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