Euro rises to 5-month high ahead of Fed meeting

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Associated Press

Posted on September 11, 2012 at 11:00 AM

Updated Tuesday, Sep 11 at 11:01 AM

NEW YORK (AP) — The euro hit a five-month high against the dollar as traders wait to see if the Federal Reserve will announce additional steps to help the U.S. economy later this week.

Fed Chairman Ben Bernanke said in a speech last month that the bank can do more to help the U.S. economy rebound. It has already launched two rounds of bond purchases, most recently in August 2010. The Fed ends a two-day meeting Thursday.

The euro rose as high as $1.28703 Tuesday, its highest point against the dollar since May 14. The euro was worth $1.2769 late Monday.

The British pound rose to $1.6074 from $1.5998.

The dollar rose to 77.86 Japanese yen from 78.28 yen.

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