Wednesday, November 16, 2011

Dollar up vs euro as European borrowing costs rise (AP)

NEW YORK ? The dollar rose against the euro Tuesday for the second day in a row as borrowing costs in Italy, Spain and France jumped, stoking fears that Europe's debt crisis may spread to other countries.

Higher borrowing costs are a sign that investors are worried that those countries may have trouble paying their debts. The yield on Italy's 10-year bond jumped above 7 percent again Tuesday, a level widely seen as unsustainable.

Greece, Portugal and Ireland were forced to get financial lifelines after their borrowing rates rose above 7 percent. Unlike those countries, however, Italy is widely seen as too large to be bailed out by its European neighbors.

The yields on 10-year bonds for Spain and France also rose Tuesday, although both were still below 7 percent. The increase is raising fears that more countries may be sucked into Europe's debt crisis.

The euro fell to $1.3543 in late trading Tuesday from $1.3616 late Monday.

In other trading, the British pound fell to $1.5834 from $1.5898. The dollar rose to 0.9149 Swiss franc from 0.9076 Swiss franc and to 1.0200 Canadian dollar from 1.0174 Canadian dollar. It fell to 77.04 Japanese yen from 77.12 Japanese yen.

Source: http://us.rd.yahoo.com/dailynews/rss/world/*http%3A//news.yahoo.com/s/ap/20111115/ap_on_bi_ge/us_dollar

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