Euro falls vs dollar on European debt worries

AP News
Posted: Jan 04, 2012 3:43 PM
Euro falls vs dollar on European debt worries

The euro fell against the dollar Wednesday on renewed worries about Europe's debt crisis.

A Spanish newspaper reported that the country is thinking about applying for a bailout. Spain is the fourth-largest economy in the euro zone, and may be too big to be rescued by its European neighbors.

In Italy, UniCredit, the country's biggest bank, said it would offer stock at a 69 percent discount price to raise cash. The size of the discount escalated worries about the state of Europe's banking sector.

The euro fell to $1.2938 in late trading Wednesday from $1.3056 late Tuesday.

The dollar was also higher against most other currencies Wednesday. The British pound fell to $1.5612 from $1.5652.

The dollar rose to 0.9420 Swiss franc from 0.9321 Swiss franc, to 76.75 Japanese yen from 76.67 Japanese yen and to 1.0133 Canadian dollar from 1.0102 Canadian dollar.