06 Jul '11, 10pm

Cracks in Europe bailouts send dollar higher

NEW YORK: Sliding confidence in Greek and Portuguese bailouts sent the euro tumbling and the dollar higher again Wednesday. But the fall was moderated by expectations that the European Central Bank might hike euro interest rates when it meets on Thursday, traders said. At 2100 GMT the euro was at $1.4314, down from $1.4418 a day earlier. The dollar meanwhile slipped against the Swiss franc, buying 0.8392 francs against 0.8411 Tuesday; and against the Japanese currency as well, buying 80.88 yen (81.10). But it gained on the British pound, which bought $1.6002 compared to $1.6051 a day earlier. Moody's move Tuesday to slash Portugal's credit rating to junk status, coming on the heels of a Standard & Poor's warning over the Greek debt restructure now under negotiation, spread fresh fears that the eurozone debt crisis was not over -- as many believed just one week ago. Portugu...

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

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