Dollar falls ahead of Fed, ECB meetings

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Associated Press

Posted on July 31, 2012 at 2:00 PM

Updated Tuesday, Jul 31 at 2:01 PM

NEW YORK (AP) — The dollar is falling against the euro ahead of key meetings of the U.S. Federal Reserve and European Central Bank. The meetings may shed light on how the central banks plan to help their slowing economies.

The Fed began its two-day policy meeting Tuesday. Traders are looking to see if the central bank will hint at any additional moves to boost the U.S. economy.

The ECB is holding its policy meeting on Thursday. The bank's president, Mario Draghi, said last week that the bank will do whatever it takes to save the euro. Traders will watch Draghi's press conference after the meeting to see if he offers any specifics.

The euro rose to $1.2308 from $1.2261 late Monday.

The dollar fell to 78.13 Japanese yen from 78.15 yen.

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