Dollar falls on growth in US manufacturing
NEW YORK (AP) — The dollar fell against the euro Monday on signs that U.S. manufacturing is growing and the housing market is slowly improving.
Riskier currencies such as the euro tend to rise when investors think economic conditions are getting better.
Manufacturing grew in September for the first time in four months, according to the Institute for Supply Management. The trade group of purchasing managers said that its index of factory activity rose to 51.5 from 49.6 in August. A reading above 50 signals growth.
The Commerce Department said Monday that builders spent more money to construct homes in August. That's a sign that the housing market is slowly rebounding.
The euro rose to $1.2886 in late trading Monday from $1.2855 late Friday.
The dollar fell to 0.9383 Swiss franc from 0.9404 Swiss franc and to 98.22 Canadian cents from 98.34 Canadian cents.
The British pound fell to $1.6133 from $1.6140.
The dollar rose to 78.02 Japanese yen from 77.99 yen.