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Dollar continues to rally on fears about Greece
Posted: May 16, 2012 10:39 AM by The Associated Press
NEW YORK (AP) - Worries that Greece will drop out of the euro currency union are pushing the dollar higher against most other currencies.
Traders have been buying up the dollar, which is considered a safe haven currency, on growing fears about Greece. The dollar index, which compares the U.S. dollar against six other currencies, has rallied over 3 percent since April 30.
During elections May 6, Greek voters gave support to anti-austerity parties. Since then, Greek politicians have failed to create a new government, forcing the country to hold a new election next month. Traders are worried that if those parties win in June the country could drop out of euro zone.
The euro fell to $1.2728 in afternoon trading from $1.2734. The British pound fell to $1.5932 from $1.6003.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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