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US dollar falls vs euro as bailout bill approved

Posted by smeddum on October 3, 2008

FOREX-US dollar falls vs euro as bailout bill approved
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NEW YORK, Oct 3 (Reuters) – The U.S. dollar fell versus the euro on Friday after the U.S. House of Representatives passed a bill to help the U.S. financial system.

The euro was last 0.3 percent higher at $1.3854 from about $1.3800 as the voting started. Against the yen, the dollar was still up on the day, 0.4 percent, at 105.71 .

“We think the bill is a negative for the dollar,” said Vassili Serebriakov, currency strategist at Wells Fargo. “Much of the recent dollar strength was exaggerated by demand for dollar liquidity in the money markets.”

The U.S. House of Representatives on Friday passed a $700 billion Wall Street bailout bill and sent it to President George W. Bush for his signature. For details, see [ID:nWAT010239]

(Reporting by Vivianne Rodrigues; Editing by tktk

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