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NEW YORK (AP) — The dollar is retreating from recent gains as
investors hope that an aid deal for Greece will come out of a
meeting of European Union officials later this week, helping to
contain the European debt crisis.
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Fears that a Greek default could set off a banking crisis caused
borrowing costs to spike in Spain and Italy, two much larger
economies that may be too expensive to rescue with current
emergency aid funds.
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Credit Suisse currency analysts say policymakers have signaled that
a deal for Greece is close and that it will be approved at
Thursday’s meeting.
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In morning trading Tuesday in New York, the euro rose to $1.4175
from $1.4090 late Monday. The British pound is gaining against the
dollar and U.S. currency is lower against the Japanese
yen.
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