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Euro Hits Eight-Month High vs. Dollar

BERLIN -- The euro is showing no sign of running out of steam as it hits new eight-month highs against the dollar, which is being hurt by expectations the Federal Reserve will intervene to bolster the U.S. economy.

The euro, used by 16 nations, traded at $1.3980 early Thursday, up from the $1.3968 it bought in late afternoon trading Wednesday in New York.

The dollar also fell to fresh lows against the Japanese currency to 82.62 yen from 82.93 yen.

The British pound dipped slightly to $1.5886 from $1.5896.

Fed members have said they are willing to offer more relief for the struggling U.S. economy. Buying government debt from banks would lower interest rates in the economy, weakening the appeal of dollar assets.
Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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