Dollar strengthens on worries about global economy

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Associated Press

Posted on November 9, 2012 at 1:00 PM

Updated Friday, Nov 9 at 1:02 PM

NEW YORK (AP) — The dollar is rising against most major currencies and has hit a two-month high against the euro.

Traders are worried about the U.S. "fiscal cliff," a series of tax increases and government spending cuts set to kick in at the beginning of next year.

Renewed fears about Europe's debt crisis are also pushing the dollar higher. European Central Bank President Mario Draghi warned this week that Europe's economy remains weak.

The euro fell to $1.2709 in afternoon trading from $1.2750 late Thursday. The euro fell as low as $1.2688 earlier, its lowest point against the dollar since Sept.7.

The British pound fell to $1.5896 from $1.5981.

The dollar fell to 79.43 Japanese yen from 79.38 yen.

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