Dollar steady as traders await budget developments

AP News
Posted: Nov 28, 2012 5:06 PM

NEW YORK (AP) — The dollar was little changed against other major currencies Wednesday as traders waited for a budget deal.

Traders are worried about the U.S. "fiscal cliff," a series of tax increases and government spending cuts set to kick in at the beginning of next year unless the White House and Congress reach an agreement on reducing the budget deficit. Economists believe that could send the U.S. back into recession.

The euro slipped to $1.2932 late Wednesday from $1.2934 late Tuesday. The British pound fell to $1.6015 from $1.6018.

The dollar fell to 81.90 Japanese yen from 82.17 yen, to 0.9307 Swiss franc from 0.9309 Swiss franc and to 99.26 Canadian cents from 99.43 Canadian cents.