Euro little changed vs dollar on Italy fears

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Associated Press

Posted on February 27, 2013 at 3:00 PM

Updated Wednesday, Feb 27 at 3:01 PM

NEW YORK (AP) — The euro is little changed against the dollar as investors wait to see if a new government can be formed in Italy after a general election found no clear winner.

The euro rose slightly to $1.3090 in afternoon trading from $1.3055 late Tuesday.

The inconclusive election in Italy is raising the possibility that the country will need to vote again. That could derail efforts to resolve Italy's fiscal problems and possibly reignite Europe's debt crisis.

On Wednesday, Italy was able to sell $5.2 billion of 10-year bonds, but at much higher interest rates than last month. That's a sign that investors are concerned with the country's finances.

The British pound was practically unchanged at $1.5130 from $1.5129 late Tuesday.

The dollar fell to 91.84 Japanese yen from 91.96 Japanese yen.

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