Euro strengthens after Draghi comments

AP News
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Posted: Jul 26, 2012 11:40 AM
Euro strengthens after Draghi comments

NEW YORK (AP) — The euro is rising sharply against the dollar after the head of the European Central Bank said the ECB would do whatever it took to save the single currency.

The euro jumped to $1.2304 in morning trading from $1.2160 late Wednesday.

Mario Draghi was speaking Thursday at a global investment conference at the Olympics. His comments sent stocks in the U.S. and Europe sharply higher.

Fears that Spain and Italy may need a bailout have intensified in recent weeks. Spain's economy, the euro zone's fourth largest, may be too big for Europe to rescue. Draghi's comments helped ease those concerns.

The British pound rose to $1.5686 from $1.5511.

The dollar rose to 78.18 Japanese yen from 78.12 yen.