National News
Dollar hits 2-year high vs. euro
Posted: Jul 6, 2012 12:24 PM by AP
Europe's financial problems are pushing the euro down to a two-year low against the dollar.
The U.S. dollar and the Japanese yen were the two big winners as investors looked for safety. Borrowing costs for Spain and Italy rose sharply, reflecting investors' unease about the finances of those countries.
Just one week ago financial markets rallied after European leaders agreed to help Spain and other countries in the region.
The euro was trading as low as $1.2265. That's the lowest it's been since July 1, 2010, when it got to $1.2193.
The Japanese yen rose more than 1 percent versus the euro.
The dollar gained on the British pound, gaining to $1.5470, versus $1.5524 a day earlier.
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