Economics
Euro Rallies to Highest Since 2011 as ECB Balance Sheet Shrinks
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The euro touched the highest level against the dollar in 14 months as the European Central Bank’s balance sheet contracted while the Federal Reserve said it would continue pumping money into the U.S. economy.
The 17-nation currency gained for a second week, its first back-to-back advance this year, amid data that showed Europe’s economy may be improving. The yen fell versus the dollar for a 12th straight week, the longest since at least 1971, amid bets Prime Minister Shinzo Abe will pick a new central-bank governor who will boost monetary stimulus. South Korea’s won slid versus all of its major peers. The ECB meets Feb. 7 on interest rates.