22 Jul '11, 11pm

Euro drops on profit-taking after Greek deal: NEW YORK: The euro fell slightly against the dollar Friday as trad...

NEW YORK: The euro fell slightly against the dollar Friday as traders took profits in the wake of the currency's surge on news of a new Greek bailout deal. The euro fell to $1.4357 from $1.4417 late Thursday, when it got a boost from the news that European leaders and banks holding Greek debt had reached a pact that would allow debt-laden Athens to keep going without an out-and-out default. The euro also fell to 1.1753 Swiss francs from 1.1774 francs. The dollar picked up to 0.8184 francs (0.8164) and 78.52 yen (78.43 yen). The British pound though slipped against the dollar, to $1.6298 from $1.6306. But traders remained nervous about the impasse in Washington over raising the debt ceiling -- with the August 2 deadline getting closer and closer. The weakness of the dollar against the yen and Swiss franc "confirms that investors are worried about the developments or the lac...

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

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