The dollar is rising against the euro and pound as the Fitch ratings agency says it will rule Greece has defaulted on its debt as a result of a crucial new aid plan backed by European leaders.
The plan gives officials new powers aimed at stopping the debt crisis from spreading to Europe's larger economies, Spain and Portugal. It had been expected the ratings agencies would say Greece had defaulted as a result of the new bailout.
The new euro109 billion ($156 billion) bailout had driven the euro above $1.44 Thursday.
