Reuters: US Dollar Report: Euro turns negative vs dollar as Schaeuble comments weigh

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Euro turns negative vs dollar as Schaeuble comments weigh Jul 19th 2012, 13:17 NEW YORK, July 19 | Thu Jul 19, 2012 9:17am EDT NEW YORK, July 19 (Reuters) - The euro hit session lows against the dollar on Thursday after German Finance Minister Wolfgang Schaeuble said the Spanish government is liable for European aid to the country's banks. Ahead of a parliamentary vote on aid for Spanish banks, Schaeuble said just the mere perception of insolvency risk in Spain could cause contagion in the euro zone. The euro was last at $1.2252, hitting a session low of $1.2250 and down 0.1 percent on the day. "There's a lot of back and forth like a roller-coaster on who's liable for Spanish aid," said Boris Schlossberg, managing director at BK Asset Management in New York. "Basically, the Germans are being strict that the liability stays with the sovereign and all that does is exacerbate the debt burden of the sovereign and the market doesn't like that."

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