On Monday February 21, 2011, 2:37 am
BERLIN (AP) -- The 17-nation euro is slightly higher against the U.S. dollar amid expectations the European Central Bank could raise interest rates more quickly than the Federal Reserve.
The euro bought $1.3687 in morning European trading Monday, up from $1.3685 late in New York on Friday. The British pound is down slightly to $1.6238 from $1.6246 on Friday, while the dollar is up to purchase 83.17 Japanese yen from 83.10 yen in New York.
Higher interest rates can help bolster a currency's strength, and remarks from an ECB board member on Friday have led traders to believe the bank is likely to make a move sooner than the U.S. Federal Reserve.
Markets were looking ahead later in the day to details from the Ifo institute's business survey in Germany, Europe's largest economy.
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