Posted by: youngragingbull | January 25, 2013

Euro hits 11-month high

The euro continued to press higher versus the U.S. dollar Friday, extending an earlier gain after a stronger-than-expected rise in the Ifo German business-climate index and upbeat comments by European Central Bank President Mario Draghi in Davos, Switzerland.

The euro traded at $1.3446 in recent trade, up from $1.3318 in North America late Thursday. The euro traded as high as $1.3451, its highest level since February 2012, according to FactSet.

Draghi, speaking at the World Economic Forum’s annual meeting, said 2012 had effectively marked the relaunching of the euro and repeated that financial stresses had eased, although the economy continues to lag.

Earlier, Germany’s closely-watched Ifo index posted a rise to 104.2 in January.

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