Dollar hits highest in more than a year as euro fears linger

The U.S. dollar rose to the highest level in more than a year Thursday, gaining on the euro and the British pound, as currency traders' appetite for risk remained restrained because of rising worries about the long-term implications of euro-zone debt problems even with the European Union and International Monetary Fund's financial aid.

"It's a trillion-dollar bet laid by the EU and IMF and looks in danger of failing in the short term," said Dean Popplewell, chief currency strategist at Oanda. "The bigger issues people are concerned about are the potential social tensions and unrest that these austerity plans by governments will cause. People are divesting out of euros."

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- Posted: 2010-05-13 10:54:58

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