Dollar Rises Against the Euro
Monday June 20, 8:38 am ET
Dollar Rises Against Euro After Collapse of Talks on the EU's Budget
BERLIN (AP) -- The U.S. dollar rose against the euro Monday after the collapse of talks on the European Union's budget.
The 12-nation euro slipped to $1.2207 in European trading from $1.2277 late Friday in New York.
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The EU's failure to agree on a budget for 2007-2013 deepened the sense of crisis triggered in late May and early June when French and Dutch voters rejected a proposed EU constitution.
"The weekend developments make clear there's no change to the market's view that the euro's going down," said Minoru Shioiri, foreign exchange manager at Mitsubishi Securities.
The dollar gained back some ground lost last week when data showed the United States' current account deficit climbed to an all-time high.
The British pound fell to $1.8244 from $1.8294 late Friday in New York, while the dollar bought 109.02 Japanese yen, up from 108.66.
The 12-nation euro had dropped to $1.2093 on Thursday but then rose again after the U.S. Commerce Department said the deficit in the U.S. current account -- the broadest measure of international trade -- rose to $195.1 billion in the first quarter of this year as the country sank deeper into debt to Japan, China and other nations.
The euro was driven to its all-time high of $1.3667 at the end of last year by worries about the widening U.S. trade and budget deficits, and Friday's data from Washington underlined those concerns.
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