International
Fears about global economy push euro to 2-year low
Posted: Jul 12, 2012 11:02 AM by AP
NEW YORK (AP) - Concerns about the global economy are pushing the euro to a new two-year low against the dollar.
The euro fell as low as to $1.2165 Thursday, its lowest point against the dollar since July 1, 2010. It was worth $1.2226 late Wednesday.
The euro has fallen 4 percent against the dollar this month due to Europe's spreading financial crisis and worries of an economic slowdown in China.
The dollar also rose following the release of minutes Wednesday from the Federal Reserve's June meeting, which suggested that another round of bond purchases by the Fed was not imminent. Those purchases would have pushed interest rates lower, weakening the dollar.
The dollar is rising against the pound, franc and Canadian dollar, but is falling against the yen.
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