Euro turns higher vs dollar amid Greece debt talks

AP News
Posted: Jan 24, 2012 3:41 PM
Euro turns higher vs dollar amid Greece debt talks

The euro turned slightly higher against the dollar late Tuesday, after trading lower most of the day on worries that Greece might not reach a deal with its creditors.

The euro inched up to $1.3021 in late trading Tuesday from $1.3015 late Monday. It fell as low as $1.2952 earlier in the day.

A deal between Greece and its creditors is needed in order for the country to receive its next bailout payment and avoid a default. A default could hurt Europe's financial system and trigger a financial panic around the world.

Greece wants its creditors to swap their Greek government bonds for new ones that are worth 50 percent less. But they haven't agreed on an interest rate for the bonds.

The dollar was higher against most other currencies. The British pound rose to $1.5603 from $1.5559. The dollar rose to 77.73 Japanese yen from 77 Japanese yen to 0.9286 Swiss franc from 0.9276 Swiss franc and to 1.0101 Canadian dollar from 1.0082 Canadian dollar.