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Unchanged Rate Puts Euro Up Versus Dollar

The dollar fell against the euro after the European Central Bank decided against cutting its main interest rate, which could keep yields on euro-based assets generally more attractive than those denominated in dollars.

The ECB left its benchmark rate at 1%, which is low but still higher than the Federal Reserve's key rate, which is in a range of 0% to 0.25%. Analysts said the decision suggests the ECB is ready to accept a slow recovery rather than risking more stimulus when the recession appears to be bottoming out.