Dollar rises on fears about global economy

Added At: 2012-03-23 12:07 AM

Last Updated At: 2012-03-23 12:07 AM

ASSOCIATED PRESS

NEW YORK: The dollar is rising against the euro on fears that China and Europe's economies are slowing down.

A drop in an index compiled by HSBC suggested that manufacturing activity in China, the world's second biggest economy, fell in February.

Another survey found that manufacturing and services activity in Europe fell in March from the previous month.

Traders tend to buy what they consider safer currencies, such as the dollar, when they are worried about the global economy.

The euro fell to $1.3191 in afternoon trading Thursday from $1.3204 late Wednesday. The British pound fell to $1.5815 from $1.5858.

The dollar rose to 0.9139 Swiss franc from 0.9131 Swiss franc.

But the dollar fell to 82.38 Japanese yen from 83.47 yen.

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