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The U.S. dollar rose against euro for the sixth consecutive trading session on Monday as elections results in both France and Greece adding uncertainties to the outlook of European debt problems, weighing on the euro.
In France, Socialist candidate Francois Hollande who was against the austerity plan beat Nicolas Sarkozy in the country's presidential election, underlying the political pressure in European countries on the debt issues.
In Greece, two main parties, the conservative New Democracy and the left-wing Pasok, suffered huge defeats, with those opposed to more cuts winning almost 60 percent of support in a general election.
The results of these elections spurred fresh concerns in the market as investors worried the political uncertainties in the region will damper their efforts in dealing with the debt issues.
In late Monday trading, the euro declined to 1.3050 dollars from 1.3089 dollars. The dollar slipped to 0.9932 Canadian dollars from 0.9956, and gained to 0.9205 Swiss francs from 0.9177. The British pound gained to 1.6184 dollars from 1.6147. The dollar bought 79.94 Japanese yen, higher than 79.87 in the previous session. |