NEW YORK ? The euro soared against the dollar Monday after the leaders of France and Germany pledged to strengthen Europe's banks.
German Chancellor Angela Merkel and French President Nicolas Sarkozy said after a meeting Sunday that a comprehensive plan to stem the debt crisis would be announced by the end of the month.
They said the plan would include making sure that European banks have adequate capital. Merkel and Sarkozy didn't offer any other details of the plan.
In afternoon trading Monday, the euro rose to $1.3663 from $1.3388 late Friday. On Friday, the euro had dropped after the Fitch ratings agency downgraded the debt of both Italy and Spain, raising fears that the debt crisis could spread to larger economies. Still, the euro has pared some of its losses this month after dropping 6.1 percent during September.
Investors have been selling the euro on fears that a debt default by Greece could harm Europe's banks, which hold Greek debt on their books.
Global stock markets also rallied on Monday following the announcement from Merkel and Sarkozy. The Dow Jones industrial average was up almost 2.5 percent Monday afternoon.
In other currency trading, the British pound rose to $1.5671 from $1.5553. The dollar fell to 76.66 Japanese yen from 76.82 yen, to 0.9023 Swiss franc from 0.9266 Swiss franc and to 1.0267 Canadian dollar from 1.0394 Canadian dollar.
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