Euro rises against dollar as Spain nationalizes 4th-largest bank.
The euro is rising against the dollar as fears about Spain's banking system eased.
Spanish shares rallied Thursday after the government said it will nationalize the country's fourth-largest bank. Traders have become concerned that the country may need a financial bailout. Spain is the eurozone's fourth-largest economy.
Spain expected to announce a banking system overhaul Friday to get banks to start lending. Spain is in a recession and has an unemployment rate of 24.4 percent, the highest in the region.
The euro rose to $1.2960 in midday trading from $1.2945 late Wednesday.
The British pound rose to $1.6157 from $1.6142. The dollar rose to 79.88 Japanese yen from 79.68 yen and to 1.0021 Canadian dollar from 1.0012 Canadian dollar.
The dollar fell to 0.9272 Swiss franc from 0.9277 Swiss franc.
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