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Thursday, February 7, 2008

Dollar gains ground against euro

LONDON: The dollar rose against the euro on Wednesday despite growing fears of a US recession and ahead of European interest rate decisions and a weekend meeting of world finance chiefs, dealers said. They said trade was muted as the markets monitored the results of the 'Super Tuesday' voting to nominate the candidates for the US presidential elections later this year. The dollar was finding some support on the view that despite the expected US slowdown, other countries will be equally affected and so the US currency still offered safe haven, defensive qualities at a time of great uncertainty.