Euro remains at 22-month low against dollar after EU leaders adjourned their summit with no new plans to address region's debt crisis

Cindy Allen

Cindy Allen

May 24, 2012 – Associated Press

NEW YORK , May 24, 2012 () – The euro remained near a 22-month low against the dollar Thursday as European Union leaders ended their latest summit without any firm plans to address the region's debt crisis.

Traders are concerned that Greece will leave the single currency union if parties opposed to the terms of the country's financial rescue win at the polls next month. Those parties won seats at an election in early May, but not enough to form a new government.

The euro fell to $1.2525 late Thursday from $1.2573 late Wednesday. The euro fell as low as $1.2514 overnight, its lowest point against the dollar since July 2010. The euro is down more than 5 percent so far this month.

The dollar strengthened against most other currencies. The British pound fell to $1.5652 from $1.5689. The dollar rose to 79.58 Japanese yen from 79.47 yen, to 0.9590 Swiss franc from 0.9552 Swiss franc and to 1.0282 Canadian dollar from 1.0251 Canadian dollar.

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