Euro hits highest level against dollar since 2011

Euro hits highest level against dollar since 2011


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LONDON (AP) — The euro has hit its highest level against the dollar for nearly two and a half years in the wake of the European Central Bank's decision not to cut interest rates further.

Up 0.3 percent on Friday at $1.3917, the euro is at its highest level since it struck $1.4170 in October 2011.

Europe's single currency has been steadily rising since the summer of 2012, when ECB President Mario Draghi said he would do "whatever it takes" to save the euro.

With fewer traders thinking a breakup of the currency union was possible, the euro strengthened even though the 18-country eurozone's economy lagged that of the United States. On Thursday, the ECB opted against providing a further stimulus to the eurozone amid an improving economic backdrop.

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