The euro is hovering at 14-month lows as it slips lower against the dollar in early European trading amid fears the Greek financial crisis is spreading.
The 16-nation currency went as low as $1.2768 in trading Thursday before recovering slightly to $1.2771. That's still below the $1.2827 it bought the day before in New York trading.
Markets are growing increasingly worried that Portugal and Spain, like Greece, may not have the money to repay their debts because of their weak economies. Markets are also looking to today's meeting of the European Central Bank to see what guidance it may offer to dampen the crisis.
In other morning , the British pound dropped to $1.5076 from $1.5101 and the U.S. currency was up to 93.88 Japanese yen from 93.65 Japanese yen Thursday.
