Early trade in New York: rises versus dollar

The euro rose against the dollar for the first time in four days on Thursday after the head of the International Monetary Fund said indebted euro zone economies should have more time to cut budget deficits, overshadowing a downgrade of Spain's credit rating.
The dollar slipped against higher-yielding currencies, while the yen weakened broadly after an unexpectedly sharp fall in claims for US jobless benefits spurred investors to sell perceived safe havens and buy currencies with better returns. The euro rose 0.4 percent to $1.2931. It had fallen to $1.2824 earlier in Asian trade, the lowest since October 1. Against the yen, the euro rallied 0.8 percent to 101.44 yen. The dollar gained 0.4 percent to 78.46 yen.