Euro Jumps on EU Summit Surprise

Economists and non-euro EU leaders cheered Friday's eurozone summit deal as a surprise "breakthrough" in efforts to preserve a stable currency, yet crucial details still need to be filled in.With market expectations low ahead of the European Union summit, a deal that bolstered confidence in the euro was wrenched after all-night talks between eurozone leaders, bringing swift relief to crisis-hit Italy and Spain.

AP - The dollar was little changed Friday against major currencies after European Union leaders moved to calm fears of a financial crisis.

Inflation soared unexpectedly across the debt-laden eurozone in September, the EU said on Friday, creating a dilemma for ECB chief Jean-Claude Trichet who chairs his final policy meeting next week.After Brussels revealed a big leap to 3.0 percent, from 2.5 percent in August, analysts said the departing European Central Bank president faces a difficult call on whether to reduce interest rates to face weak economic times come Thursday's Frankfurt talks.

Eurozone leaders race to head off fresh worries of debt crisis contagion by seeking to iron out widening differences over the outline of a new Greek rescue package at talks in Brussels on Monday.Amid signs that contagion is spreading to Italy, finance ministers from the 17-nation area meet from 1300 GMT, with counterparts from the full European Union 27 joining them Tuesday.

Eurozone leaders race to head off fresh worries of debt crisis contagion by seeking to iron out widening differences over the outline of a new Greek rescue package at talks in Brussels on Monday.Amid signs that contagion is spreading to Italy, finance ministers from the 17-nation area meet from 1300 GMT, with counterparts from the full European Union 27 joining them Tuesday.

The euro soared against the dollar and gained against other major currencies Thursday after European leaders agreed on a comprehensive deal to resolve the crisis that had threatened the eurozone.The euro surged 3.4 cents against the dollar to above $1.42 before settling at 2100 GMT at $1.4187, compared to $1.3908 a day earlier.It was the European currency's best level in eight weeks, since concerns over the political ability of European Union leaders to contain the Greek debt crisis left a dark cloud over the markets.