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Dollar rises against most major currencies

(Xinhua)

10:29, October 29, 2011

NEW YORK, Oct. 28 (Xinhua) - The dollar rose on Friday against the most of major currencies, while the euro retreated on doubts about European debt deal.

The dollar fell sharply on Thursday as euro zone debt deal boosted the risk appetite. But the ratings agency Fitch said on Friday that European leaders' agreement on a 50 percent haircut on Greece's bonds may create a default for the country.

And investors started to doubt the newly-reached deal, as it lacked details on how to implement the package.

Confidences in the euro weakened as markets realized that the debt-stressed region still faced challenges. The euro retreated from the seven-week high hit on Thursday, falling to 1.4153 dollars from 1.4216.

And in U.S., the data came in fairly positive, showing the U.S. economy was gaining momentum and offering support to the dollar.

The final reading of the Reuters/University of Michigan gauge of consumer sentiment moved up to 60.9 from a preliminary reading of 57.5, and topping estimates of 58.

A separate report showed U.S. personal spending rose 0.6 percent in September while personal income added 0.1 percent.

In late Friday trading, the British pound dropped to 1.6119 dollars from 1.6121. The dollar rose to 0.8621 Swiss franc from 0. 8593, and climbed against the Canadian dollar to 0.9934 from 0. 9907.

But the dollar bought 75.75 Japanese yen, lower than 75.94 from late Thursday.

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