Fears about global economy push dollar higher

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Associated Press

Posted on October 9, 2012 at 1:02 PM

Updated Tuesday, Oct 9 at 2:02 PM

NEW YORK (AP) — Fears that the global economy is slowing are pushing the dollar higher against other major currencies.

In its latest forecast, the International Monetary Fund says that the global economy is weakening and will grow more slowly in the next year.

The dollar is considered a safe haven currency and tends to rise during global turmoil.

The euro fell to $1.2878 in afternoon trading from $1.2967 late Monday. The British pound fell to $1.5987 from $1.6036.

The dollar rose to 0.9395 Swiss franc from 0.9330 Swiss franc and to 97.84 Canadian cents from 97.66 Canadian cents.

The dollar fell to 78.25 Japanese yen from 78.34 Japanese yen.

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