Euro jumps to 11-month high against the dollar

(AP) A rise in German consumer confidence is pushing the euro to an 11-month high against the dollar

The GfK institute said its forward-looking consumer confidence indicator rose to 5.8 points for February, up from 5.7 points in January.

The euro jumped as high as $1.3481, its highest point against the dollar since Feb. 29, 2012. The euro was worth $1.3456 late Monday.

In the U.S., the Conference Board says that its consumer confidence index dropped 8.1 points in January from December to 58.6, the lowest since November 2011. Economists blame a tax increase for the drop.

The British pound rose to $1.5750 from $1.5695. The dollar fell to 90.61 Japanese yen from 90.79 yen.