Dollar continues slumping as EU worries ease

12:41, June 16, 2010      

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The dollar continued to weaken against all major currencies on Tuesday as market's concerns about debt problems in euro zone countries eased.

The euro reached 1.2349 dollars on Tuesday during trading, the highest level since June 1.

The European Commission said on Tuesday that Spain and Portugal will have to keep painful budget cuts in place into 2012. But it said both countries' plans to make big cutbacks next year should bring their budget deficits in line with EU mandates.

Meanwhile, strong demand for government bond auctions of Spain and Belgium also boosted investors' confidence in the euro. Spain raised 5.2 billion euros at auctions for 12- and 18-month bills. Belgium's bond auction was also oversubscribed with a total of 2.5 billion euros.

In late New York trading, the euro rose to 1.2333 dollars from 1.2243 dollars late Monday, and the British pound rallied to 1. 4817 dollars from 1.4771 dollars.

In other trading, the dollar fell to 91.38 Japanese yen from 91. 52 yen, slipped to 1.1334 Swiss francs from 1.1409 francs, and dipped to 1.0263 Canadian dollars from 1.0302 Canadian dollars late Monday.

Source: Xinhua


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