Euro jumps to 6-week high vs dollar on Greek plan

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Associated Press

Posted on December 3, 2012 at 1:00 PM

Updated Monday, Dec 3 at 1:02 PM

NEW YORK (AP) — Hopes that Greece will be able to cut its debt are pushing the euro to a six-week high against the dollar.

Traders also bought the euro on strong manufacturing data from China. Chinese manufacturing is closely linked with the state of the world economy.

Riskier currencies, such as the euro, tend to rise when traders think the economy is getting better.

The euro rose as high as $1.3075, its highest point against the dollar since Oct. 23. The euro was worth $1.2998 late Friday.

Greece says it will spend up to $13 billion in a bond buyback program to lower its national debt.

A survey by HSBC found that China's manufacturing activity rose for the first time in 13 months.

The British pound rose to $1.6101 from $1.6022.

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