Euro rises against dollar on EU treaty hopes

AP News
Posted: Dec 09, 2011 3:46 PM
Euro rises against dollar on EU treaty hopes

The euro rose modestly against the dollar Friday after the European Union said most of its member countries were open to joining a new treaty that they hope will prevent another debt crisis and save the single currency.

The euro rose to $1.3370 in late trading Friday from $1.3340 late Thursday.

The 17 nations that use the euro said they will sign the treaty, which will give a central European authority more oversight of their budgets. Nine other European Union nations said they will consider the treaty. Britain was the lone holdout.

European leaders announced the plans Friday after a summit in Brussels.

The dollar was mostly lower against other currencies Friday. The British pound rose to $1.5662 from $1.5642. The dollar fell to 77.54 Japanese yen from 77.67 Japanese yen, to 0.9241 Swiss franc from 0.9268 Swiss franc and to 1.0186 Canadian dollar from 1.0202 Canadian dollar.