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Dollar rises as consumer confidence increases

/ 10:35 AM November 28, 2012

In this Friday, Nov. 23, 2012, file photo, Tonya Thomas, of Russellville, Ky., makes her way through the aisles at Best Buy in Bowling Green, Ky. U.S. consumer confidence rose this month to its highest level in almost five years, helped by a better outlook for hiring over the next six months. The Conference Board said Tuesday, Nov. 27, 2012, that its consumer confidence index rose to 73.7 in November from 73.1 in October. Both are the best readings since February 2008. AP/Daily News, Alex Slitz

NEW YORK — The dollar rose against the euro Tuesday after U.S. consumer confidence increased to its highest level in almost five years.

Traders also bought the dollar as sales of machinery and equipment unexpectedly rose last month.

The euro fell to $1.2939 in afternoon trading from $1.2963 late Monday.

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The Conference Board said that its consumer confidence index rose to 73.7 in November from 73.1 in October. Both are the best readings since February 2008.

The Commerce Department said that orders for core capital goods rose 1.7 percent in October, the best showing since a 2.3 percent rise in May.

The stronger data from the U.S. overshadowed a deal by European leaders to release more financial aid to Greece.

In other trading, the dollar rose to 0.9309 Swiss franc from 0.9287 Swiss franc and to 99.43 Canadian cents from 99.37 Canadian cents.

The dollar slipped to 82.17 Japanese yen from 82.18 yen.

The British pound was unchanged at $1.6018.

TAGS: Business, consumer confidence, US economy, World economy
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