Dollar rises as US services expand

AP News
Posted: Dec 05, 2012 12:14 PM

NEW YORK (AP) — The dollar is rising against most major currencies following a report that the U.S. service sector grew at a slightly faster pace in November.

The Institute for Supply Management said its index measuring service businesses rose to 54.7 last month from 54.2 in October. Any reading above 50 indicates expansion.

The report measures growth in businesses ranging from retail and construction companies to health care and financial services firms.

The euro fell to $1.3073 in midday trading from $1.3101 late Tuesday. The British pound fell to $1.6097 from 1.6106.

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The dollar rose to 82.37 Japanese yen from 81.84 yen and to 0.9275 Swiss franc from 0.9260 Swiss franc.