Dollar weakens as US consumer confidence fall

AP News
Posted: Aug 28, 2012 12:49 PM
Dollar weakens as US consumer confidence fall

NEW YORK (AP) — The dollar is falling against most major currencies after a private research group found that U.S. consumer confidence fell in August to the lowest level since November 2011.

The Conference Board said that its Consumer Confidence Index fell to 60.6, down from 65.4 in July. Economists had expected a reading of 66.

Traders also bought the euro after European Central Bank President Mario Draghi canceled his trip to an annual conference of central bankers in Jackson Hole, Wyo. The cancellation boosted hopes that the central bank is working on a plan to help ease Europe's debt crisis.

The euro rose to $1.2566 in afternoon trading from $1.2503 late Monday. The British pound rose to $1.5826 from $1.5797.

The dollar fell to 78.51 Japanese yen from 78.75 yen.

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