Euro Jumps to 14-Month High Against the Dollar

NEW YORK (AP) -- A rise in German consumer confidence pushed the euro to its highest level against the dollar in nearly 14 months Tuesday.

The GfK institute said its forward-looking consumer confidence indicator rose to 5.8 points for February, up from 5.7 points in January.

The euro rose to $1.3486 in late trading Tuesday from $1.3456 late Monday. The euro jumped as high as $1.3497, its highest point against the dollar since Dec. 2, 2011.

In the U.S., the Conference Board said that its consumer confidence index dropped 8.1 points in January from December to 58.6, the lowest since November 2011. Economists blame a tax increase for the drop.

The British pound rose to $1.5759 from $1.5695.

The dollar fell to 90.69 Japanese yen from 90.79 Japanese yen, to 0.9219 Swiss franc from 0.9263 Swiss franc and to 1.0023 Canadian dollar from 1.0064 Canadian dollar.