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Dollar rises as ECB hopes fade

February 16. 2013 2:41PM
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(AP) The dollar is rising against most currencies as traders wait to hear what the European Central Bank will do to help the region's economy.

A member of the central bank's governing council said Thursday that the bank may soon buy bonds to lower borrowing costs for struggling countries. That plan would help countries like Italy and Spain, whose high borrowing rates make it hard for them to manage their debts.

Despite the comments, traders are disappointed that no concrete plans have been made. Mario Draghi, president of the ECB, mentioned a plan to buy bonds last week but offered few details.

The euro fell to $1.2283 from $1.2356. The British pound fell to $1.5619 from $1.5650.

The dollar rose to 78.54 Japanese yen from 78.52 yen.

Associated Press

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