Dollar rises after weak US housing data

Associated Press Modified: October 19, 2012 at 3:00 pm •  Published: October 19, 2012

NEW YORK (AP) — The dollar rose against most major currencies Friday after U.S. home sales fell last month.

Traders also bought the dollar as European leaders meeting in Brussels failed to come up with any new plans to ease the region's financial crisis.

The dollar is considered a safe haven currency and tends to strengthen during global turmoil.

The euro fell to $1.3023 in late trading Friday from $1.3061 late Thursday. The British pound fell to $1.6014 from $1.6062.

The National Association of Realtors says that home sales fell 1.7 percent to an annual rate of 4.75 million. That's down from a rate of 4.83 million in August, which was the highest in more than two years.

The dollar rose to 79.28 Japanese yen from 79.23 yen, to 0.9285 Swiss franc from 0.9253 Swiss franc and to 99.34 Canadian cents from 98.53 Canadian cents.

The dollar also strengthened against the Australian dollar, the Norwegian krone, the South Korean won and Brazilian real.

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