Euro extends gains versus dollar, hits session high

NEW YORK Wed May 8, 2013 11:31am EDT

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NEW YORK May 8 (Reuters) - The euro hit one-week highs against the dollar on Wednesday as risk appetite increased following upbeat German data the last two days.

Global stocks rallied as well while commodities such as crude oil rose. The euro in tandem climbed as high as $1.3194, a one-week peak. It was last at $1.3181, up 0.8 percent on the day.

German industrial orders and industrial output beat expectations, reducing the chances of a near-term rate cut in the euro zone.

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