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Originally published Friday, March 30, 2012 at 9:12 AM

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Euro up vs dollar as Europe raises bailout fund

The euro rose against the dollar Friday after the 17 nations that use the euro added to their bailout fund for countries troubled by debt.

The Associated Press

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NEW YORK —

The euro rose against the dollar Friday after the 17 nations that use the euro added to their bailout fund for countries troubled by debt.

The euro group raised the emergency fund to $1.1 trillion. In Spain, the new conservative government unveiled a $36 billion deficit-reduction plan that included spending cuts and a rise in taxes for big companies.

The country hopes that the austerity measures will prevent it from needing a bailout.

The euro rose to $1.3334 in late trading Friday from $1.3287 late Thursday. The euro is up 0.5 percent against the dollar for the week and up nearly 3 percent so far this year.

In the U.S., the Commerce Department said Friday that consumer spending rose 0.8 percent in February, the most in seven months. Another sign that the U.S. economy is slowly improving.

The dollar was mixed against other currencies.

The British pound rose to $1.5998 from $1.5931.The dollar fell to 0.9029 Swiss franc from 0.9074 Swiss franc.

The dollar was rose to 82.86 Japanese yen from 82.40 yen.

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