NEW YORK (AP) — The dollar has hit a four-month low against the euro a day after the Federal Reserve said that it will launch another round of bond purchases to help boost the U.S. economy.
The euro rose as high as $1.3168, its highest point against the dollar since May 2. The euro was worth $1.2985 late Thursday.
The Fed announced Thursday that it will spend $40 billion a month to buy mortgage-backed securities for as long as it deems necessary.
Those purchases push interest rates lower and can weaken the dollar.
The British pound rose to $1.6244 from $1.6154.
The dollar rose to 78.25 Japanese yen from 77.45 Japanese yen.