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updated: 7/5/2011 2:38 PM

Concerns about global growth boost dollar

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Associated Press

NEW YORK -- The dollar is rising against the euro and yen as investors seek safety in the world's most heavily traded currency.

Brown Brothers Harriman currency analysts say investors are concerned about prospects for a second round of emergency aid needed to keep Greece from defaulting on its debt.

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The credit ratings agency Standard & Poor's is warning that a plan to include private-sector lenders in a new aid package would likely be a default. Central bankers do not want a default.

There are also worries about slower growth in China, the world's No. 2 economy.

In morning trading Tuesday in New York, the euro dropped to $1.4478 from $1.4544 late Monday. The dollar rose to 81.06 Japanese yen from 80.78 yen. But the British pound rose to $1.6113 from $1.6096.

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