The euro was higher against the dollar Thursday after inflation in the 15-nation euro zone hits its highest level since the European Union began keeping records and new data on slowing growth and rising unemployment in the U.S, AP reported. The 15-nation currency bought US$1.5650 in afternoon European trading, up from the US$1.5574 it bought the night before in late trading in New York. The increase came after Eurostat reported that inflation reached 4.1 percent in July, its highest point since record keeping began in 1996. Soaring fuel and food prices are Europe's biggest economic problem, curbing spending and limiting growth as consumers steer clear of major purchases and luxury goods.
