Dollar rises on better US economic growth

AP News
Posted: Aug 29, 2012 3:46 PM

NEW YORK (AP) — Better-than-expected economic growth and strong home sales in the United States pushed the dollar higher against most major currencies Wednesday.

The euro fell to $1.2528 in late trading from $1.2564 late Tuesday.

The Commerce Department said the economy grew at a 1.7 percent annual rate in the April-June quarter. That's better than its initial estimate of 1.5 percent.

Separately, the Federal Reserve released the Beige Book, its report on business conditions around the country. It found that the economy expanded at a moderate pace in July and early August as consumer spending rose.

The National Association of Realtors said that its index of sales agreements for previously occupied homes jumped to 101.7 in July from 99.3 in June. That was the highest reading since April 2010.

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The dollar rose to 78.70 Japanese yen from 78.53 yen, to 0.9587 Swiss franc from 0.9559 Swiss franc and to 98.86 Canadian cents from 98.81 Canadian cents.

The British pound rose to $1.5836 from $1.5822.