Tags: Dollar

Dollar Lower As Greek Default Worries Ease

Friday, 09 Apr 2010 05:20 PM

The dollar edged lower against the euro and the pound Friday as Greek and central bank officials tried to calm market fears about the possibility that Greece could default on its debt.

The 16-nation euro rose to $1.3457 in late New York trading Friday from $1.3353 late Thursday.

Greece's borrowing costs have spiked to a record high this week, raising doubts about the effectiveness of a recently announced rescue plan. However, European Central Bank president Jean-Claude Trichet has said that default is "not an issue" for the country. On Friday, Greek Finance Minister George Papaconstantinou insisted that Greece had no plan to use the bailout plan agreed upon last month by European Union and International Monetary Fund.

A rescue would be an admission by the European Union that the rules set up to safeguard its 11-year-old euro currency haven't been strong enough to weather a crisis.

Meanwhile, the ratings agency Fitch downgraded Greek debt Friday to just above junk territory.

In other trading, the British pound climbed to $1.5373 from $1.5274, while the dollar slipped to 93.27 Japanese yen from 93.40 yen. The dollar rose to 1.0051 Canadian dollars from 1.0031 Canadian dollars, and fell to 1.0686 Swiss francs from 1.0739 francs.

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The dollar edged lower against the euro and the pound Friday as Greek and central bank officials tried to calm market fears about the possibility that Greece could default on its debt.The 16-nation euro rose to $1.3457 in late New York trading Friday from $1.3353 late...
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2010-20-09
 

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