Dollar Rallies as Bank Crisis Spreads to Europe

The euro and British pound tumbled against the dollar on Monday as bank nationalizations in Europe forced investors to calculate their risk exposure from financial instability that has now moved far beyond the United States.

A crisis in European banking threatened to overshadow the proposed $700 billion U.S. bank bailout deal that looked set for a vote in the House of Representatives on Monday. The plan would then be sent to the Senate for a vote.

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