The euro broke $1.45 Wednesday afternoon, marking its highest level since late September 2008. The 16-nation euro went as high as $1.4585 in European afternoon trading before settling back down to $1.4560 compared with the $1.4491 the euro bought late Tuesday in New York. Investors have been cheered by global leaders' commitments to keep supporting the economic recovery and have been leaving the safe haven of the U.S. currency. The British pound rose to $1.6548 Wednesday afternoon from $1.6487, while the dollar was lower against the Japanese currency, to 92.16 yen from 92.32 yen late Tuesday in New York. Analysts say commitments from financial leaders of the Group of 20 nations last weekend to continue underwriting the global recovery helped drive investors away from the dollar and into emerging-market currencies and equities. Stock markets have been rising steadily since the finance officials pledged to maintain government spending, low interest rates and expansion of the money supply in order to buck up the global economy. "After a brief pause to catch their breath, European currencies are moving higher again today," Wells Fargo wrote in a Wednesday research note. "The euro has set a fresh 2009 high today, while the pound, Swiss franc and Scandinavian currencies are all higher as well."

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