FX Council

Dollar rebound continues as Irish woes shake euro

Forbes |

In Brief...

The dollar rebound continued Tuesday, with the U.S. currency hitting a six-week high versus the euro, as a rescue plan for Ireland seemed increasingly likely.. Investors are afraid that the European country, like Greece in May, will need a costly aid package from its neighbors because of Ireland's own bailout of its banking sector. Finance ministers from the European Union, who met in Brussels Tuesday, are also worried that Ireland's soaring costs for borrowing are spreading to other indebted countries, such as Portugal, threatening the economic recovery in the entire region.. The debt difficulties in countries that use the euro have helped push the dollar higher after the U.S. currency's long decline.. Ireland has denied that talks with other European officials are about a government bailout.

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