Euro drives to four-month high against dollar

The value of the shared currency of the European Union pushed to its highest rate in four months against the world's reserve currency on Friday, according to The Financial Times.

The climb occurred in the aftermath of the U.S. Federal Reserve announcing it will implement a third round of quantitative easing on Thursday. The Dollar Index, a metric that measures the value of the greenback against six competing currencies, has fallen 6.1 percent since the euro scraped its lowest rate against the dollar during July.

"The Fed’s decision to ease monetary policy should also help to give the recent improvement in investor risk sentiment another boost, easing safe haven demand for the yen, likely leading to its underperformance against high beta currencies," currency analyst Lee Hardman with Bank of Tokyo Mitsubishi told The Financial Times.

During euro zone meetings on Friday in Nicosia, ministers prompted Spanish officials to describe whether they were in need of additional financial support as a result of the sovereign debt crisis, according to Reuters.

Since the European Central Bank indicated it would purchase the debt of hobbled nations, Spain has seen its borrowing costs fall.