Euro rises to a 2-month high against dollar

AP News
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Posted: Feb 08, 2012 3:38 PM
Euro rises to a 2-month high against dollar

The euro rose to a fresh 2-month high against the dollar on speculation that Greek politicians will agree on a new cost-cutting plan.

Greece needs to agree on new measures to receive more bailout cash and avoid a default next month.

Even though a deal hasn't been reached yet, euro zone finance ministers said they will meet in Brussels Thursday to discuss a second bailout for Greece. Traders are taking that as a sign that Greece is close to agreeing on new austerity measures.

The euro rose to $1.3254 late Wednesday from $1.3248 late Tuesday. The euro rose as high as $1.3288 Wednesday, its highest point against the dollar since Dec. 12, 2011.

In other trading Wednesday, the British pound fell to $1.5814 from $1.5893. The dollar rose to 77.01 Japanese yen from 76.76 yen and to 99.60 Canadian cents from 99.58 Canadian cents.

But the dollar fell to 0.9121 Swiss franc from 0.9125 Swiss franc.