Euro jumps to 11-month high against dollar

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Associated Press

Posted on January 25, 2013 at 11:00 AM

Updated Friday, Jan 25 at 12:01 PM

NEW YORK (AP) — The euro hit an 11-month high against the dollar after the European Central Bank said that banks were expected to pay back emergency loans faster than expected, increasing confidence that Europe's debt crisis is easing.

Traders also bought the euro on better-than-expected German business confidence figures for January.

The euro rose as high as $1.3479, the highest since Feb. 2012. The euro was worth $1.3371 late Thursday.

The dollar jumped to 91.19 Japanese yen, its highest point against the dollar since June 21, 2010, after Japan said its consumer prices fell in 2012 for the fourth straight year. The dollar was worth 89.96 yen Thursday.

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