Dollar little changed after US data, Spain protest

AP News
Posted: Sep 25, 2012 4:50 PM
Dollar little changed after US data, Spain protest

NEW YORK (AP) — The dollar moved in tight ranges against other major currencies in volatile trading Tuesday.

The dollar fell against the euro early Tuesday on signs that the U.S. economy is improving.

The Conference Board said that its consumer confidence index rose to 70.3 in September from 61.3 in August. That's the highest reading since February. And the Standard & Poor's/Case Shiller index of national house prices rose 1.2 percent in July from the same month last year.

Riskier currencies such as the euro tend to rise when investors think economic conditions are getting better.

But the dollar strengthened as traders shifted their focus to Spain. Thousands of people in Madrid protested against austerity cutbacks and tax hikes.

Also Tuesday, Spain sold $5.14 billion in short-term debt but at a higher cost than it paid at a similar auction a month ago. That's a sign that investors are concerned with the country's finances.

The euro slipped to $1.2926 in late trading Tuesday from $1.2935 late Monday. The British pound fell to $1.6211 from $1.6224

The dollar rose to 0.9362 Swiss franc from 0.9355 Swiss franc and to 97.98 Canadian cents from 97.84 Canadian cents.

The dollar fell to 77.77 Japanese yen from 77.86 yen.