Dollar gains vs. euro after ECB moves

Print
Email
|

Associated Press

Posted on July 5, 2012 at 1:00 PM

Updated Thursday, Jul 5 at 2:02 PM

The dollar is higher against the euro after the European Central Bank cut a key lending rate and the bank's president warned the eurozone economic recovery would be gradual.

The European Central Bank reduced its main interest rate by a quarter percentage point to 0.75 percent. It failed to offer a long-term refinancing option as it had twice previously. Some investors felt that might help Europe's economy.

The euro fell to $1.2382, down more than 1 percent from $1.2535 on Wednesday.

The dollar also rose against the British pound, which slipped to $1.5534 from $1.5597 on Wednesday. The dollar rose to 79.938 Japanese yen, from 79.85 yen.

Print
Email
|