Euro steady against dollar

posted: 1 HOUR 44 MINUTES AGO

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BERLIN -The euro was steady against the dollar on Wednesday, building slightly on the gains it made the previous day amid rising hopes of a European rescue for heavily indebted Greece.

The 16-nation euro bought $1.3784 in morning European trading, a little above the $1.3775 it fetched in New York late Tuesday. The euro gained about one U.S. cent on Tuesday and traded as high as $1.3806 during Wednesday's session.

European Union leaders are set to issue a statement on Greece's debt crisis during a summit Thursday, which European Central Bank president Jean-Claude Trichet is to attend.

There were indications from France and Germany on Tuesday that Greece may be able to expect help from its partners.

The euro has suffered recently from concern over the ability of Greece and, to a lesser extent, Portugal and Spain, to rein in their deficits. Last week, it fell as low as $1.3586, its weakest point since May 2009.

In other trading Wednesday, the British pound slipped to $1.5682 from $1.5688. The dollar edged up to 89.70 Japanese yen from 89.63 yen.

2010-02-10 02:58:53