Euro falls to $1.3627 in European morning trade (AP) (11-03-2010)

FRANKFURT (AP) -- The euro declined against the dollar in European morning trade but a successful bond sale in Portugal has calmed worries that some countries' budgets are out of control.

The 16-nation euro traded at $1.3627 Thursday, down from $1.3652 late Wednesday in New York.

The British pound is lower at $1.4955 from $1.4973, as is the dollar at 90.33 Japanese yen from 90.54 Wednesday.

The euro got a boost Wednesday as Portugal raised about $1.3 billion in a key bond auction, a week after Greece raised about $6.8 billion, helping calm worries that sent the euro lower in recent weeks.

Both countries have big budget deficits and have announced plans to cut spending and raise taxes.

Source: AP