Euro rises on hopes Spain will ask for bailout

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Associated Press

Posted on October 16, 2012 at 3:00 PM

Updated Tuesday, Oct 16 at 3:01 PM

NEW YORK (AP) — The euro is rising against the dollar on speculation that Spain will soon ask for financial aid from the European Union's bailout fund.

Economists believe that Spain needs financial aid, but the country has not yet asked for it. A request for aid from Spain would help remove some uncertainty about Europe's debt crisis.

Traders also bought the euro after a German survey found that investor optimism rose in September.

The euro rose to $1.3050 in afternoon trading from $1.2941 late Monday. The euro rose as high as $1.3060, its highest level in nearly a month.

The British pound rose to $1.6118 from $1.6071.

The dollar rose to 78.85 Japanese yen from 78.70 Japanese yen.

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