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Euro jumps to 7-week high against dollar

February 16. 2013 6:11PM
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(AP) Hopes that the European Central Bank will reach a deal to help its troubled countries pushed the euro to a seven-week high against the dollar Tuesday.

Traders also bought the euro after Spain paid lower interest rates at a bond auction.

The euro rose to $1.2467 in late trading Tuesday from $1.2348 late Monday. It rose as high as $1.2487 Tuesday, its highest against the dollar since July 5.

Traders are optimistic that the ECB will buy government bonds from eurozone countries to help reduce their borrowing costs.

On Tuesday, Spain raised $5.6 billion from bond investors at much lower interest rates than at its last such auction.

The British pound rose to $1.5779 from $1.5709. The dollar fell to 79.25 Japanese yen from 79.43 yen and to 0.9634 Swiss franc from 0.9728 Swiss franc.

The dollar rose to 98.90 Canadian cents from 98.84 Canadian cents.

Associated Press

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