Hopes for Greek deal pushes euro higher vs dollar

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Associated Press

Posted on November 21, 2012 at 2:02 PM

Updated Wednesday, Nov 21 at 3:02 PM

NEW YORK (AP) — Hopes that European Union leaders will reach a deal to release Greece's next batch of bailout funds are pushing the euro higher against the dollar.

EU finance ministers failed to agree on a plan to release more money for the debt-crippled country after a meeting Tuesday. They plan to meet again Monday. Officials say a deal is close.

The euro rose to $1.2826 in afternoon trading from $1.2807 late Tuesday. The British pound rose to $1.5942 from $1.5916.

Japan reported a $6.7 billion trade deficit in October as the European debt crisis and strained business ties with China over a territorial dispute reduced exports. The dollar jumped to 82.54 Japanese yen, its highest point against the yen since April 6. The dollar was worth 81.71 yen Tuesday.

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