Reuters: US Dollar Report: Euro hits 8-week high vs dollar, Bunds extend losses

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Euro hits 8-week high vs dollar, Bunds extend losses Aug 31st 2012, 10:58 LONDON | Fri Aug 31, 2012 6:58am EDT LONDON Aug 31 (Reuters) - The euro hit an eight-week high against the dollar on Friday and Bund futures extended losses after comments from ECB executive board member Benoit Coeure added to expectations the central bank will buy peripheral debt to tackle the euro zone crisis. The euro rose to $1.2595, its highest level since early July. Traders said stop loss orders around last week's high of $1.2590 helped fuel euro gains and cited more stops above a barrier at $1.26. The dollar also fell to an eight-week low against the Swiss franc of 0.9532 francs. German debt futures extended the day's losses to 98 ticks, hitting a session low of 143.17. "It's more noise, but it's the end of the week, the end of the month and if you were long, at the margin that maybe enough to take some profits," a bond trader said, referring to Coeure's comments.

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