Euro Rises on German Backing for Draghi Euro-Bloc Rescue Plan

Three day rise for euro.

Aug. 7 (Bloomberg) -- The euro rose for a third day against dollar and was stronger versus the yen after Germany backed European Central Bank President Mario Draghi’s proposals to stem the region’s debt crisis.

The shared currency gained versus most of its 16 major counterparts as a report showed Italy’s economy shrank less than economists predicted. Euro gains were supported as the European Union said it had received no requests for the region’s rescue fund to buy government bonds. Norway’s krone climbed after manufacturing increased.

The Mexican peso strengthened as a gain in crude prices boosted the outlook for revenue from the Latin American country’s exports. The currency appreciated 0.1 percent to 13.1826 per dollar, extending its rally this year to 5.7 percent, the biggest among its most-traded counterparts.

Draghi’s Plan

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