Euro falls on Europe's unemployment woes

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Associated Press

Posted on January 8, 2013 at 10:03 AM

Updated Tuesday, Jan 8 at 10:03 AM

NEW YORK (AP) — The euro is falling against the dollar as the unemployment rate in countries that use the euro rose to the highest level since the single currency was founded.

Traders also sold the euro as industrial orders fell in Germany.

Unemployment in the 17 countries that use the euro rose to 11.8 percent in November from 11.7 percent in October. That's the highest level of unemployment since the euro was founded in 1999.

Germany said industrial orders were down more than expected in November due to weaker foreign demand. German exports also fell.

The euro fell to $1.3072 in midday trading from $1.3112 late Tuesday.

The British pound fell to $1.6045 from $1.6107.

The dollar fell to 87.13 Japanese yen from 87.84 yen.

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