BERLIN (AP) — The euro is trading higher against the U.S. dollar as European countries move ahead with a bailout fund for the 16-nation eurozone.
The euro bought $1.1965 in morning European trading Wednesday, up from $1.1925 late in New York the night before. The British pound is up to $1.4420 from $1.4382 in New York, while the dollar is up slightly to 91.36 Japanese yen from 91.29 the night before.
The euro has been under pressure in recent weeks and has been trading near four-year lows.
On Tuesday the EU picked a German official to lead a new €440 billion bailout fund for the eurozone, which becomes active later this month.
The fund will borrow from markets to provide financial rescue to any indebted eurozone nation that can't make debt repayments.
