Euro up against dollar on US banking fears
The 16-nation euro rose Tuesday against the dollar as worries about the financial health of U.S. banks offset a small drop in German business confidence.The dollar was hurt by reports that Citigroup Inc. and insurer AIG have asked for billions more in aid from the government. The banking fears caused the Dow Jones industrials average and the Standard and Poor's 500 stock index to fall to their lowest close since 1997. Those concerns also offset news that business confidence, as measured by Germany's Ifo institute, declined slightly in February in Europe's largest economy. The institute said companies' expectations for the next six months improved slightly but their assessment of the current situation worsened.
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