Euro leaps to 7-week high vs dollar on crisis pan

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Euro leaps to 7-week high vs dollar on crisis pan

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The euro is soaring against the dollar after a late-night deal to avert Europe's debt crisis.

28 October,2011 03:05 am

The euro rose to $1.4168 at 11:20 a.m. (1520 GMT) Thursday from $1.3908 late Wednesday. Thats the highest since Sept. 6.European leaders decided Thursday to expand their regional bailout fund. Banks holding Greek debt agreed to take bigger losses. The deal signals progress toward solving the two-year crisis before it can spread to bigger economies such as Spain and Italy.The dollar hit a record low against the Japanese yen for a third straight day. The dollar fell to 75.63 yen at 9 a.m. (1300 GMT) from 76.2 yen late Wednesday.