Euro falls vs US dollar early in Europe; USD up 0.47% to NIS 3.56

The 15-nation euro was down Wednesday against the US dollar, continuing to slip on news that two leading European banks suffered fallout from the subprime lending crisis. The euro bought US$1.5542 in morning European trading, down from US$1.5601 late in New York on Tuesday. The dollar has suffered from worries about the fallout from the US subprime lending crisis and the possibility of a recession. The dollar is up 0.47 percent to NIS 3.56 Wednesday morning.