Dollar Gains Versus Euro as Traders Raise Bets Fed Rate to Rise

The dollar rose to a one-week high versus the euro as investors raised bets the Federal Reserve will increase the target lending rate by the end of the year as the world’s largest economy recovers.

The euro fell against the dollar and yen after Standard & Poor’s downgraded Ireland’s sovereign credit rating for a second time this year. The pound decreased for a fourth day versus the dollar as Britain’s Prime Minister Gordon Brown confronted a fresh attempt to oust him following a drubbing in European Union parliamentary elections.

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- Posted: 2009-06-08 08:56:25

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