NEW YORK (AP) — The euro fell against the dollar in choppy trading Wednesday after the European Central Bank loaned a record amount of money to the continent's banks. The loans are meant to shore up Europe's struggling financial sector.
The ECB loaned $639 billion to 523 banks for three years. It is the biggest ECB infusion of credit into the banking system in the euro's 13-year history.
The euro fell to $1.3044 late Wednesday from $1.3076 late Tuesday.
The euro initially rose as high as $1.3197 after the news. It later fell as low as $1.3023 as traders worried that the amount being loaned may suggest that European banks are in worse condition than was thought.
In other trading Wednesday, the British pound rose to $1.5671 from $1.5660. The dollar rose to 78.09 Japanese yen from 77.87 Japanese yen and to 0.9362 Swiss franc from 0.9313. It fell to 1.0280 Canadian dollar from 1.0311 Canadian dollar.