Monday, August 1, 2011

Dollar mixed as Obama, key lawmakers OK debt deal (AP)

NEW YORK ? The dollar is trading mixed after President Barack Obama and Congressional leaders agreed on a deal to raise the debt ceiling. If Congress passes the legislation, the government would avoid defaulting on its debts.

In morning trading Monday in New York, the euro slipped to $1.4327 from $1.4368, retreating from earlier gains in the immediate aftermath of the deal. The British pound dropped to $1.6326 from $1.6431.

But the dollar fell to 76.54 Japanese yen from 77.10 yen.

It is weaker against the Swiss franc, but stronger versus the Canadian dollar.

Traders consider the yen, franc and dollar to be safer bets, even though the dollar's debt woes have made it less appealing. The three currencies tend to rise when investors are nervous about a slowdown in global growth or a crisis.

Source: http://us.rd.yahoo.com/dailynews/rss/obama/*http%3A//news.yahoo.com/s/ap/20110801/ap_on_bi_ge/us_dollar

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