Global economic fears push dollar higher
NEW YORK (AP) — Fears that the global economy is slowing pushed the dollar higher against other major currencies.
In its latest forecast, the International Monetary Fund said Tuesday that the global economy is weakening and will grow more slowly in the next year.
The IMF forecasts that the world economy will expand 3.3 percent this year, down from the estimate of 3.5 percent growth it issued in July. Its forecast for growth in 2013 is 3.6 percent, down from 3.9 percent three months ago and 4.1 percent in April.
The dollar is considered a safe haven currency and tends to rise during global turmoil.
The euro fell to $1.2880 in late trading Tuesday from $1.2967 late Monday. The British pound fell to $1.6004 from $1.6036.
The dollar rose to 0.9404 Swiss franc from 0.9330 Swiss franc and to 97.76 Canadian cents from 97.66 Canadian cents.
The dollar also rose against the Australian and New Zealand dollar, the Norwegian krone, south Korean won and the Brazilian real.
The dollar fell to 78.22 Japanese yen from 78.34 Japanese yen.