Monday, January 18, 2010

Euro slightly higher against dollar

FRANKFURT: The euro was slightly higher against the dollar Monday, recovering some ground from last week, when it was hit by concerns about the debt problems at some of its weaker members.

The 16-nation euro bought $1.4375 compared with $1.4358 late Friday in New York.

The British pound traded at $1.6335 from $1.6258, while the dollar bought 90.99 Japanese yen from 90.90 yen late Friday in New York.

The economic and financial crisis has increased the budget deficits in some eurozone countries, particularly Greece and Ireland, and led to speculation that they will face tough fiscal measures, such as spending cutbacks and higher taxes, which would limit growth in coming years.

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