Submitted by Fox First at Ten on July 10th
NEW YORK (AP) - Concerns about a plan to help Spain's troubled banks pushed the euro to a two-year low against the dollar Tuesday.
European officials backed Spain's $123 billion bank bailout plan Tuesday and said that the country will receive its first payment of $37 billion by the end of the month. But investors were concerned that some details seemed to be missing from the plan.
Traders also sold the euro as it became clear that it will take months for Germany to decide whether to sign up for Europe's new bailout fund. The new fund and financial pact was designed to help prevent another debt crisis in the region.
The euro fell to $1.2254 late Tuesday from $1.2309 late Monday. Earlier, it fell as low as $1.2234, its lowest point against the dollar since July 1, 2010.
The British pound fell to $1.5509 from $1.5514. The dollar rose to 0.9801 Swiss franc from 0.9758 Swiss franc and to 1.0227 Canadian dollar from 1.0195 Canadian dollar.
The dollar fell to 79.45 Japanese yen from 79.58 Japanese yen.
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