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Dollar Steadies As Greece Nears Bailout Deal

Dollar Steadies As Greece Nears Bailout Deal

The dollar was in a holding pattern on Friday, as European officials prepared to extend a lifeline to debt-ridden Greece. Reports suggested euro zone finance ministers will approve a deal to provide Athens with 130 billion euros in emergency aid on Monday.

A spokesperson for German Chancellor Angela Merkel said she is "optimistic" that aid for Athens is imminent.

The latest look at U.S. inflation did little to move the currency markets this morning.

The buck was stuck near $1.3150 versus the euro, after sliding near $1.32 in early dealing. Losses were more pronounced against the sterling, with the dollar down to $1.5860 before finding its footing.

The dollar continued to rise versus the yen, hitting a new 3-month high of Y79.45 on increased risk appetite.

U.S. consumer prices rose by less than expected in the month of January, according to figures released Friday by the Labor Department. The Labor Department said its consumer price index rose by 0.2 percent in January after coming in unchanged in December.

Most economists had forecast a slightly bigger 0.3 percent increase. The price increases were broadly spread across the economy, with "core" prices, which exclude the volatile food and energy sectors, also rising by 0.2 percent.

by RTT Staff Writer

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