NEW YORK (AP) — Concerns about a plan to help Spain's troubled banks are pushing the euro to a two-year low against the dollar.
European officials backed Spain's $123 billion bank bailout plan Tuesday and said that the country will receive its first payment of $36.88 billion by the end of the month. But investors were concerned that some details seemed to be missing from the plan.
The euro fell to $1.2234 in afternoon trading Tuesday, its lowest point against the dollar since July 1, 2010. The euro was worth $1.2309 late Monday.
The British pound fell to $1.5505 from $1.5514. The dollar rose to 0.9799 Swiss franc from 0.9758.
The dollar fell to 79.45 Japanese yen from 79.58 Japanese yen.