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Dollar strengthens on US data

/ 06:38 AM August 16, 2012

AP FILE PHOTO

NEW YORK—The dollar rose 0.3 percent against the euro Wednesday, as US inflation and industrial production data pointed to continued but modest economic improvement.

New data showed that inflation was flat, industrial production grew 0.6 percent month-on-month in July, and new homebuilding activity had picked up.

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The European single currency slipped to $1.2288 compared with $1.2321 late on Tuesday in New York.

With few European bond traders active, there was little else driving action.

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The market rate on 10-year Spanish bonds eased, with yields at 6.642 percent, compared with 6.732 percent at the end of trading on Tuesday.

The comparable rate on Italian 10-year debt declined to 5.768 percent from 5.831 percent.

The pound rose less than 0.1 percent to $1.5684.

Meanwhile, the dollar rose around 0.3 percent to 78.93 yen and the same amount to reach 0.9775 Swiss francs.

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TAGS: Business, economy, Foreign Exchange, US Dollars
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