Euro pushes higher against dollar

Posted On: November 30, 2012
The value of the common currency of the European Union pushed to its top rate in five weeks against the U.S. dollar on Friday, as it drove toward wrapping up a fourth consecutive month of gains against the world's reserve currency, according to Bloomberg.

On the final day of November, the euro also pushed higher against the monetary unit of Japan. The currency has climbed 3.9 percent against the yen this month. Lawmakers in Germany, the region's biggest economy, approved the most recent rescue tranche for Greece.

"The fears around the euro-crisis have come down a lot," chief analyst Allan von Mehren with Danske Bank A/S in Copenhagen told the news source on Friday. "We've also seen signs of recovering growth in the Chinese and U.S. data and markets are betting on a global recovery in 2013."

But Reuters reports the unemployment rate in the 17-nation bloc has notched a new high as the region pushes toward its second economic recession since 2009.

October saw unemployment figures climb to nearly 19 million, according to the European Union Statistics office.

Category: Industry News

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