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The dollar was steady versus the euro Thursday morning as the European Union met in Brussels to work out a plan to help Greece deal with its debt crisis. Details have yet to emerge from the meeting, but reports suggest that EU leaders have agreed in principle on a rescue package.
The dollar remained near 1.3720 against the euro, unable to build on last week's 8-month high of 1.3595. The euro has been beset by fear that Greece may default on its debt, with Portugal and Spain potentially the next dominos to fall.
The Spanish economy remained in recession in the final quarter of 2009, data released by the government showed on Thursday.
Spain's gross domestic product decreased 0.1% quarter-on-quarter in the three months through December, the National Statistics Institute said.
Versus the sterling, the dollar remained near its 8-month highs from Friday, hovering around 1.5610. The dollar drifted a bit lower versus the yen, giving back some of its modest weekly gains to fetch 89.50.
Modest weakness drove the dollar to a weekly low of C$1.0580 versus its Canadian counterpart.
On the economic front in the US, the Labor Department is scheduled to release its customary jobless claims report for the week ended February 7th at 8:30 a.m. ET. Economists expect that the weekly jobless claims come in at 465,000, slightly lower than 480,000 reported in the preceding week.
Also, the Commerce Department reports advance retail sales for January. An increase of 0.3 per cent from the previous month is forecast.
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