Euro rises on Spain election results

AP News
Posted: Oct 22, 2012 4:37 PM
Euro rises on Spain election results

NEW YORK (AP) — The euro rose against the dollar Monday after regional election results in Spain made it more likely that the country will ask for a bailout.

Spain's Prime Minister Mariano Rajoy won an election in his home state. The results were seen as a vote of confidence in Rajoy's handling of the economy. Traders expect Spain to ask for financial aid from Europe's bailout fund soon.

The euro rose to $1.3045 late Monday from $1.3023 late Friday.

The Japanese yen fell to its lowest level against the dollar in over three months after Japan said that its exports fell 10.3 percent in September from a year earlier. The country said it was hurt by Europe's debt crisis. The dollar jumped to 79.89 Japanese yen Monday from 79.28 Japanese yen late Friday.

The British pound fell to $1.6006 from $1.6014. The dollar rose to 99.38 Canadian cents from 99.34 Canadian cents.

The dollar fell to 0.9275 Swiss franc from 0.9285 Swiss franc.