Euro flat vs dollar as EU leaders meet on Greece

AP News

11/20/2012 5:00:28 PM - AP News

NEW YORK (AP) — The euro was unchanged against the dollar Tuesday as traders waited to see whether Greece will get its next payment of bailout funds.

European Union finance ministers met in Brussels on Tuesday, but no decision was announced.

"The backs of euro-area finance ministers are against the wall. They don't want to rush a decision on Greece, but they also know that they are running out of time," said Kathy Lien, managing director at currency trading firm BK Asset Management, in a note to clients. "Investors have no choice but to sit and wait."

The euro was worth $1.2807 late Tuesday, unchanged from late Monday.

The dollar strengthened slightly against the euro in early trading after the credit rating agency Moody's stripped France of its prized AAA credit rating. France is the No. 2 economy among euro countries.

The British pound rose to $1.5916 from $1.5905.

The dollar rose to 81.71 Japanese yen from 81.33 Japanese yen, to 0.9407 Swiss franc from 0.9403 Swiss franc and to 99.79 Canadian cents from 99.66 Canadian cents.