NEW YORK (CNNMoney.com) -- The dollar gave up earlier gains versus the euro Thursday after the European Central Bank eased market fears that Greece would default on its debt.
What prices are doing: The dollar fell 0.7% versus the euro to $1.3352. It also slipped 0.2% against the U.K. pound to $1.5268. The greenback edged up slightly against the Japanese yen at ¥93.39.
What's moving the market: The euro gained ground after European Central Bank president Jean Claude Trichet said Greece's debt is no longer a concern. Default "is not an issue," he said.
The ECB also held its key lending rate unchanged at 1%.
"Comments from ECB President Trichet helped to stabilize the euro in the face of weaker economic data," said Kathy Lien, director of currency research at Global Forex Trading. "Trichet did his best to defuse concerns about Greece by saying that he does not expect Greece to default and he is confident that they will resolve their budget issues."
Meanwhile, Chinese officials are preparing to announce a revision of the government's currency policy that would allow the yuan to rise versus the dollar, according to a report in The New York Times.
Treasury Secretary Tim Geithner held a meeting Thursday in Beijing with his Chinese counterpart Vice Premier Wang Qishan.
In a brief statement, the Treasury Department said the two officials "exchanged views" on economic relations ahead of another meeting in May.
"While it would be a definite surprise if an exchange rate announcement was made, the appearance of a more constructive dialogue between the U.S. and China puts further evidence that movement on the exchange rate issue is not too far off," Sacha Tihanyi, a currency strategist at Scotia Capital, wrote in a research report. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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