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Dollar falls to 4-month low vs euro after Fed plan

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Dollar falls to 4-month low vs euro after Fed plan
Submitted by Fox First at Ten on September 14th

NEW YORK (AP) - The dollar hit a four-month low against the euro Friday, a day after the Federal Reserve said that it will launch another round of bond purchases to help boost the U.S. economy.

The euro rose to $1.3117 late Friday from $1.2985 late Thursday. The euro rose as high as $1.3168 Friday, its highest point against the dollar since May 2. The euro rose about 2.5 percent against the dollar this week.

The Fed announced Thursday that it will spend $40 billion a month to buy mortgage-backed securities for as long as it deems necessary. Those purchases push interest rates lower and can weaken the dollar.

The British pound rose to $1.6223 from $1.6154.

The dollar fell to 0.9274 Swiss franc from 0.9348 Swiss franc.

The dollar rose to 78.30 Japanese yen from 77.45 Japanese yen and to 97.02 Canadian cents from 96.94 Canadian cents.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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