Euro rises from a two-year low against the dollar
Associated Press, New York | Business | Tue, July 10 2012, 10:06 AM
The euro rose slightly against the dollar after hitting a two-year low last week.
The euro rose to $1.2309 from $1.2271 in late trading Monday. It fell as low as $1.2258 on Friday.
European Union finance ministers are meeting Monday and Tuesday in Brussels to discuss Spain's banking crisis. Despite today's slight rise, currency analysts expect the euro to fall more against the dollar if Europe's debt crisis escalates. Economists at Capital Economics said in a note to clients that they expect the euro to fall to $1.10 by the end of the year, and remain around there next year.
Borrowing rates in Spain jumped above 7 percent Monday, a sign that investors are more concerned about the country's finances.
The dollar weakened against other currencies Monday.
The British pound rose to $1.5514 from $1.5475.
The dollar slipped to 79.58 Japanese yen from 79.65 Japanese yen, to 0.9758 Swiss franc from 0.9787 Swiss franc and to 1.0195 Canadian dollar from 1.0203 Canadian dollar.
