Hopes for Greek deal push euro higher vs dollar

AP News
Posted: Nov 21, 2012 4:28 PM

NEW YORK (AP) — Hopes that European Union leaders will reach a deal to release Greece's next batch of bailout funds pushed the euro higher against the dollar Wednesday. Traders sent the dollar to a seven-month high against the yen after Japan said that exports fell in October.

The euro rose to $1.2825 in late trading Wednesday from $1.2807 late Tuesday.

EU finance ministers failed to agree on a plan to release more money for debt-crippled Greece after a meeting Tuesday. They plan to meet again Monday. Officials say a deal is close.

Japan reported a $6.7 billion trade deficit in October as the European debt crisis and strained business ties with China over a territorial dispute reduced exports. The dollar rose to 82.49 Japanese yen from 81.71 yen Tuesday. The dollar rose as high as 82.55 yen, its highest point against the yen since April 6.

In other trading, the British pound rose to $1.5950 from $1.5916.

The dollar fell to 0.9390 Swiss franc from 0.9407 Swiss franc and to 99.65 Canadian cents from 99.79 Canadian cents.