Dollar slips vs. euro on Greek aid plan

By Ben Rooney, staff reporter


NEW YORK (CNNMoney.com) -- The dollar fell versus the euro Monday after the European Union announced additional steps to aid Greece, but the decline was tempered ahead of corporate financial results.

What prices are doing: The dollar was down 0.7% versus the euro to $1.3592. The greenback edged up slightly against the U.K. pound to $1.5369 and against the Japanese yen to ¥93.25.

What's moving the market: The euro rallied after EU finance chiefs pledged Sunday to commit up to $40 billion in loans to Greece if it were to request a bailout.

The move eased some concerns that the fiscal crisis in Greece could spread and hurt economic activity across Europe, boosting demand for risky assets.

But the euro backed off earlier highs as stock markets in London, Paris and Frankfurt turned mixed.

Traders were also digested quarterly results from aluminum producer Alcoa (AA, Fortune 500), which reported a slim operating profit thanks to higher metal prices but missed on revenue. The Dow component was the first company to report first-quarter results after the bell Monday.

Overall, first-quarter earnings are expected to have risen nearly 37% over the year-earlier period, according to Thomson Reuters. Revenue is forecast to have risen 10%

What analysts are saying: "Near-term prospects look supportive for risky assets, hinting at losses for the safety-linked U.S. dollar and Japanese yen against their major counterparts," Ilya Spivak, currency strategist at DailyFx, wrote in a note to clients.

In addition to the updated Greek "bailout scheme," he said Alcoa's earnings "may also prove market-moving." To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.32%4.27%
15 yr fixed3.29%3.27%
5/1 ARM3.34%3.47%
30 yr refi4.29%4.24%
15 yr refi3.26%3.25%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 16,981.46 20.89 0.12%
Nasdaq 4,446.98 -2.58 -0.06%
S&P 500 1,979.07 0.73 0.04%
Treasuries 2.49 0.02 0.89%
Data as of 3:30pm ET
Company Price Change % Change
Apple Inc 99.19 1.52 1.55%
Facebook Inc 75.19 -0.00 -0.01%
Family Dollar Stores... 75.41 14.75 24.32%
Dollar Tree Inc 55.58 1.36 2.51%
Bank of America Corp... 15.50 -0.09 -0.57%
Data as of 3:15pm ET

Sections

The SEC fines the Massachusetts gun maker for bribing officials when trying to secure sales contracts with overseas military and law enforcement agencies. More

New annual report from U.S. government shows the long-term prognosis for Medicare has improved thanks to slower health spending, while the outlook for Social Security remains unchanged. More

Actor-founded This Bar Saves Lives had Hollywood connections, but learned Start-Up 101 the hard way. More

Ali Ewoldt has performed in Broadway musicals and TV shows. Her days consist of auditions, rehearsals, and being on stage in front of hundreds of people at a time. Here are journal entries from a day in her life. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.