Political Uncertainty in Europe Pushes Euro Lower

NEW YORK (AP) -- Political turmoil in Italy and Spain pushed the euro lower against the dollar Wednesday.

A corruption scandal in Spain has put pressure on Prime Minister Mariano Rajoy to resign, and Italy will hold elections later this month. Traders are worried that a change in leadership in either country could derail efforts to end Europe's financial crisis.

The euro fell to $1.3525 in late trading Wednesday from $1.3584 late Tuesday.

On Thursday, all eyes will be on the European Central Bank's monetary policy meeting. After the meeting, investors will be listening to ECB President Mario Draghi's speech for any clues about the state of Europe's economy.

In other trading, the dollar was little changed against other currencies.

The British pound rose slightly to $1.5666 from $1.5663.

The dollar rose to 93.38 Japanese yen from 93.36 Japanese yen and to 0.9095 Swiss franc from 0.9083 Swiss franc.

The dollar was flat at 99.60 Canadian cents.


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