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Dollar holds near 3-month high

Monday, Feb. 7, 2005 | 9:18 a.m.

The dollar traded near a three-month high against the euro after Federal Reserve Chairman Alan Greenspan damped concern a widening U.S. current-account deficit will spur an unprecedented fourth annual drop in the dollar.

Greenspan's prediction on Friday that the shortfall will shrink and Asian investors will support the dollar is "very, very important," European Central Bank President Jean-Claude Trichet said after a Group of Seven meeting in London the next day. The United States is "on track" to cut its budget deficit by half by 2009, Treasury Undersecretary John Taylor said at the meeting.

The dollar rose as high as $1.2826 per euro, the highest since Nov. 5.

, according to electronic currency trading system EBS. It was at $1.2857 at 7:06 a.m. in London, from $1.2867 late on Feb. 4 in New York.

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