Euro trades above $1.31 for first time since May (by William L. Watts)

FRANKFURT (MarketWatch) -- The euro on Friday continued to march higher versus a broadly-weaker dollar, the day after the Federal Reserve announced it would undertake a third round quantitative easing in an effort to boost the U.S. economy. Additonal stimulus is seen as a negative for a currency as it lowers interest rates while also boosting risk appetite, which robs the dollar of safe-haven flows. The euro (eurusd) jumped as high as $1.3121, pushing above the $1.31 level for the first time since early May, and traded at $1.3108 in recent action, up from $1.2992 in North American trade late Thursday. "We are living in extraordinary times, with extraordinary central bank policies, that will support risk and hurt the dollar, probably on a multi-month view," said Alan Ruskin, strategist at Deutsche Bank in New York, in a note.