Dollar dips after Greece requests a bailout

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- The dollar fell against the euro Friday after Greece's prime minister requested aid from the European Union and the International Monetary Fund, easing investors' fears of a default.

What prices are doing: The dollar slipped 0.6% against the euro to $1.3370. It was flat against the pound at $1.5374 and rose 0.5% against the yen to ¥93.96.

The dollar had been climbing against the euro earlier in the week as investors remained nervous about Greece's default risk and flocked to the greenback for its safe-haven appeal.

What's moving the market: Default worries faded and prompted investors to turn to riskier assets Friday after Greek prime minister George Papandreou asked for an emergency aid package for the debt-challenged country.

European finance leaders and the IMF have pledged about $53 billion as a solution.

The prime minister's request followed Moody's downgrade in Greece's credit rating Thursday and the EU's announcement that the country's 2009 deficit may total more than originally expected. To top of page

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