NEW YORK (AP) — The euro is falling against the dollar as leaders from the world's seven wealthiest nations discuss solutions to Europe's ongoing debt crisis.

The euro fell to $1.2435 in afternoon trading from $1.2494 late Monday.

Finance ministers and central bank presidents from the United States, Japan, Germany, France, Britain, Canada and Italy are holding a conference call to review options for easing Europe's debt crisis.

Traders are increasingly worried that Spain and Cyprus will need financial aid to help their banking sectors.

The dollar is trading higher against most other currencies Monday. The British pound fell to $1.5355 from $1.5385. The dollar rose to 78.69 Japanese yen from 78.34 yen and to 0.9656 Swiss franc from 0.9613 Swiss franc.