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Euro up against US dollar, while British pounds slightly lower

Euro up against US dollar, while British pounds slightly lower

The euro rose against the U.S. dollar on Monday, with the 13-nation currency rising higher in European trading before the Christmas holiday. The British pound, meanwhile, was slightly lower.
The euro bought US$1.4383 in morning trading, up from US$1.4358 in New York late Friday.
The slight gain came after Jean-Claude Trichet, president of the European Central Bank, warned late last week that it would not tolerate any second-round increases in inflation, a sign traders took as a firm resolve to keep inflation in check.
The euro's rise also seemed to shake off Trichet's concern about weaker growth in 2008.
"It is true there are major uncertainties with regard to the economic situation," Trichet told broadcaster EuroNews on Friday. "The council of governors of the ECB feels that there is a greater risk of weaker growth, with it going below around 2 percent."
The pound drifted lower to US$1.9827 from US$1.9828.
The U.S. dollar was down against the Japanese currency, falling to 114.06 yen from 114.08 yen.