Dollar rises amid positive economic reports

08:17, December 30, 2009      

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The dollar rose slightly against major currencies on Tuesday amid a couple of positive U.S. economic reports.

The 10-city and 20-city composite indexes both rose 0.4 percent in October, according to the S&P/Case-Shiller home price report. Seasonally adjusted prices increased for the fifth straight month in October. Prices are up about 3.5 percent from their May low.

Prices have risen in 18 cities since hitting a bottom earlier this year. Since hitting bottom, prices have risen 12 percent in San Francisco, 10 percent in Minneapolis, and 6 percent in Washington, D.C., and San Diego.

Low interest rates and the tax credit for first-time homebuyers account for the increases, said analysts of IHS Global Insight. But high foreclosure and delinquency rates of mortgages, and inventory near record highs suggest a weak outlook.

The Conference Board's Consumer Confidence Index rose by 1.3 points to 52.9 in December, while the November index was revised up by just over a point to 50.6. The present situation index declined by 2.4 points to 18.8. The expectations index jumped by 5.3 points to 75.6. Perceptions about labor market conditions improved slightly.

The ZEW economic institute predicted on Tuesday that the exchange rate between the euro and the dollar would remain largely stable throughout 2010, at a predicted rate of 1.47 dollars.

The euro bought 1.4351 dollars in late New York trading compared with 1.4384 dollars it bought late Monday. The pound fell to 1.5903 dollars from 1.6003 dollars.

The dollar rose to 1.0434 Canadian dollars from 1.0429 Canadian dollars, and rose to 1.0370 Swiss francs from 1.0350 Swiss francs. It rose to 91.96 Japanese yen from 91.38 Japanese yen.

Source: Xinhua
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