Dollar steady as traders await budget developments

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Associated Press

Posted on November 28, 2012 at 12:02 PM

Updated Wednesday, Nov 28 at 12:03 PM

NEW YORK (AP) — The dollar is little changed against other major currencies as traders waited for a budget deal.

Traders are worried about the U.S. "fiscal cliff," a series of tax increases and government spending cuts set to kick in at the beginning of next year unless the White House and Congress reach an agreement on reducing the budget deficit. Economists believe that could send the U.S. back into recession.

The euro is unchanged from late Tuesday at $1.2934.

The British pound slipped to $1.6008 from $1.6018.

The dollar fell to 81.87 Japanese yen from 82.17 yen and to 0.9302 Swiss franc from 0.9309 Swiss franc.

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