Euro rises on hopes Spain will ask for bailout

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Associated Press

Posted on October 12, 2012 at 1:00 PM

Updated Friday, Oct 12 at 2:01 PM

NEW YORK (AP) — The euro is rising against the dollar on hopes that Spain is getting closer to asking for a bailout.

Economists believe that Spain needs financial aid, but the country has not yet asked for it. A request for aid from Spain would help remove some uncertainty about Europe's debt crisis.

The euro rose to $1.2958 in afternoon trading from $1.2929 late Thursday. The British pound rose to $1.6073 from $1.6043.

Traders are looking ahead to next week's summit of European Union leaders in Brussels. The EU leaders will discuss developments in the region's financial crisis.

The dollar rose to 78.38 Japanese yen from 78.34 Japanese yen.

The dollar fell to 0.9329 Swiss franc from 0.9347 Swiss franc.

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