Euro falls to 11-week low against dollar

NEW YORK (AP) — Positive manufacturing data from the U.S. and rising unemployment in Europe is pushing the euro to an 11-week low against the dollar.

The euro fell as low as $1.2965, its lowest point since Dec. 11. The euro was worth $1.3063 late Thursday.

The Institute for Supply Management says that U.S. manufacturing expanded in February at the fastest pace since June 2011.

In Europe, official figures show that unemployment across the 17 European countries that use the euro rose to 11.9 percent in January from 11.8 in December.

The British pound fell to $1.4984, its lowest point against the dollar since July 2010. Britain's currency has been under pressure since Moody's downgraded the U.K.'s credit rating last week.