Euro up cautiously as EU weighs Greek debt crisis

(AP) — The euro recovered some ground against the dollar on Thursday as European Union leaders sought a way to support Greece through its debt crisis.

The euro bought $1.3761 in morning European trading, up from $1.3736 in New York on Wednesday. It traded as high as $1.3800 earlier in Thursday's session.

The euro had slipped on Wednesday as markets' hopes for an early announcement of a bailout for Greece diminished.

European Union leaders were meeting for a summit in Brussels Thursday, but it remains unclear what exactly wealthier EU nations might do to help Athens.

The euro has suffered recently from concern over the ability of Greece and, to a lesser extent, Portugal and Spain, to rein in their deficits.

In other trading, the British pound was little changed, edging up to $1.5591 from $1.5589. It failed to recover the ground it lost Wednesday, when the Bank of England cut its forecast for economic growth and warned inflation is likely to slump in coming months.

The dollar edged up to 89.93 Japanese yen from 89.90 yen.