NEW YORK --The euro rose above $1.31, hitting its highest point in 11 weeks as improving euro-zone economic data helped the common currency extend a strong rally that's seen it rise more than 10% since early June.

The euro has been perhaps the most visible beneficiary of easing concerns about the European sovereign debt crisis. After hitting a four-year low of $1.1876 on June 7, the currency has steadily gained ground amid confidence that policy makers have forestalled a European sovereign debt default.