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Euro hits new high against dollar

16 September 2009 13:36 (UTC +04:00)

Baku -APA-Economics. The euro reached a year high against the dollar Wednesday, as traders ventured beyond the benchmark currency on improved news about the U.S. economy and strong markets, AP reported.
The 16-nation euro was at its highest point this year, up to $1.4695 in early trading from $1.4659 late in New York and from its Tuesday high of $1.4686, reached before closing.
In other currencies, the British pound fell to $1.6465 from $1.6490, while the dollar slipped to Â¥90.32 from Â¥91.10 yen.
Traders have been ditching the dollar for other currencies as stock markets posted strong gains last week and the Group of 20 finance officials pledged to maintain government spending, low interest rates and increased money supply to shore up the global economy.
In Asia, stocks were up Wednesday, lifted by better news about the U.S. economy and comments from Federal Reserve chairman Ben Bernanke’s comments Tuesday that America’s worst recession since the 1930s has "very likely" ended.
Those moves should help boost economic activity and liquidity in financial markets, increasing investors’ appetite for assets around the world at the expense of the dollar.