Euro jumps to 14-month high against dollar

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Associated Press

Posted on January 30, 2013 at 2:02 PM

Updated Wednesday, Jan 30 at 2:03 PM

NEW YORK (AP) — Disappointing data that found the U.S. economy shrank in the fourth quarter is pushing the euro to a 14-month high against the dollar.

The Commerce Department says that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That's a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.

The euro rose as high as $1.3578, its highest point against the dollar since Nov. 18, 2011. The euro was worth $1.3486 late Tuesday.

The British pound rose to $1.5793 from $1.5759.

The dollar fell to 0.9105 Swiss franc from 0.9219.

The dollar rose to 91.07 Japanese yen from 90.69 Japanese yen.

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