The 12-nation euro was up against the U.S. dollar Tuesday, breaking the US$1.24 mark ahead of the U.S. Federal Reserve's interest rate meeting. The euro was at US$1.2403 in morning European trading, up from US$1.2357 late Monday in New York. The U.S. dollar also slipped against other major currencies, with the British pound rising to US$1.7890 from US$1.7858 and the dollar buying 111.70 yen, down from 112.00. The Federal Reserve was expected later Tuesday to increase the U.S. benchmark interest rate by a quarter percentage point to 3.5 percent. It would be the 10th such quarter-point hike since last summer. The euro rose to an all-time high of US$1.3667 in December on concerns about the U.S. trade and budget deficits. After slipping to the US$1.20 range it has been rising again recently on those same fears, coupled with high oil prices, despite other positive U.S. economic data. The high euro has been good for U.S. exports, making American products less expensive in Europe. It has had the reverse effect for European firms, making their products more expensive in the United States.