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Euro drifts down to $1.2550

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Reported by: AP/UNBconnect
Reported on: Jul 13, 2010 03:55 pm
Reported in: International

BERLIN, July 13 (AP/UNB) - The euro has drifted downward against the dollar as economic worries help take the shine off its recent rally. The 16-nation euro bought $1.2550 in European trading early Tuesday - down from $1.2598 in New York late Monday. The British pound slipped to $1.4977 from $1.5033.

A fall in Chinese stocks Tuesday tempered optimism over the U.S. earnings season prompted by aluminum maker Alcoa's figures. Investors also have been worrying about the health of Europe's banking system; the dollar is a traditional safe haven for investors and tends to gain amid economic pessimism.

The ZEW institute's monthly investor confidence index for Germany, Europe's biggest economy, is due later Tuesday. The dollar edged up to 88.60 Japanese yen from 88.54 yen.