Dollar strengthens on worries about fiscal cliff

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Associated Press

Posted on November 16, 2012 at 12:02 PM

Updated Friday, Nov 16 at 12:02 PM

NEW YORK (AP) — The dollar is rising against most major currencies as Congressional leaders meet with President Barack Obama about cutting the U.S. government's budget deficit.

Traders are worried about the U.S. "fiscal cliff," a series of tax increases and government spending cuts set to kick in at the beginning of next year.

The dollar is considered a safe haven currency and tends to rise when traders are nervous about the economy.

The euro fell to $1.2712 in afternoon trading from $1.2773 late Thursday.

The dollar rose to 81.42 Japanese yen from 81.21 yen and to 0.9471 Swiss franc from 0.9424 Swiss franc.

The British pound rose to $1.5859 from $1.5850.

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