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Dollar strengthens on worries about global economy

Associated Press Modified: November 9, 2012 at 3:30 pm •  Published: November 9, 2012

NEW YORK (AP) — The dollar rose against most major currencies Friday and hit a two-month high against the euro.

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.

Renewed fears about Europe's debt crisis are also pushing the dollar higher. European Central Bank President Mario Draghi warned this week that Europe's economy remains weak.

The euro fell to $1.2713 late Friday from $1.2750 late Thursday. The euro fell as low as $1.2688 earlier, its lowest point against the dollar since Sept.7.

The British pound fell to $1.5903 from $1.5981.

The dollar rose to 79.45 Japanese yen from 79.38 Japanese yen, to 0.9487 Swiss franc from 0.9457 Swiss franc and to 1.0004 Canadian dollar from 99.98 Canadian cents.

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