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November 18, 2009

<img src=" http://www.joplinglobeonline.com/images/zope/wednesday.gif" border=0> Euro higher as officials try to support dollar

FRANKFURT (AP) — The euro was higher against the dollar Wednesday as traders looked past calls from central bankers for a stronger U.S. currency.

The 16-nation euro bought $1.4925 in European morning trade, up from $1.4855 late Tuesday in New York.

European Central Bank President Jean-Claude Trichet again backed comments by his U.S. counterpart, Federal Reserve Chairman Ben Bernanke, who earlier this week noted the importance of a strong dollar.

“I have repeatedly been on the record in saying that I appreciate the statements made by the U.S. President, the U.S. Secretary of the Treasury and the Chairman of the Federal Reserve that a strong dollar is in the interest of the United States of America,” Trichet said in a speech late Tuesday.

“I agree with this analysis entirely. I would add that I believe that the strength of the dollar within the set of floating currencies is in the interest of not only the United States, but of the entire international community.”

Trichet said he and the ECB are “fully aligned” with Bernanke’s recent analysis and monitoring of the American currency.

Meanwhile, the British pound also rose to $1.6818 from $1.6797, while the dollar was lower at 89.15 Japanese yen from 89.32 late Tuesday in New York.

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