Dollar rises against most major currencies

07:23, December 31, 2009      

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The dollar rose against most major currencies on Wednesday as the Chicago purchasing managers' index is stronger than expected.

The Chicago NAPM index rose to 60.0 in December from 56.1 previously, according to the Institute of Supply Management. It was higher than a consensus estimate of 55.1.

The index is now at its highest level since January 2006 and suggesting a reasonably robust pace of expansion among firms in the survey. Among the components of the index, the employment index and the production index showed strong gains.

Usually, the Chicago NAPM index has high correlation with the national purchasing managers' index. The report drove the dollar higher against most major currencies on Wednesday. The greenback fell against the pound amid year end jostling for position.

Wednesday is the last full-length trading day of the year. Trading volumes remained very thin.

The euro bought 1.4334 dollars in late New York trading compared with 1.4351 dollars it bought late Tuesday. The pound rose to 1.6069 dollars from 1.5903 dollars.

The dollar rose to 1.0554 Canadian dollars from 1.0434 Canadian dollars, and rose to 92.46 Japanese yen from 91.96 Japanese yen. It was unchanged at 1.0370 Swiss francs.

Source: Xinhua
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