Dollar retreats ahead of EU meeting

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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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