Dollar rises on upcoming budget talks

AP News
Posted: Jan 03, 2013 1:52 PM

NEW YORK (AP) — Uncertainty about the next budget battle in Washington is pushing the dollar higher against other major currencies.

Although Congress approved a budget deal this week, negotiations on the debt ceiling and spending cuts still need to happen.

The dollar is considered a safe haven currency and tends to rise when traders are nervous about the economy.

The euro fell to $1.3109 in afternoon trading from $1.3178 late Wednesday.

The British pound fell to $1.6147 from $1.6251.

The dollar rose to 0.9235 Swiss franc from 0.9185 Swiss franc.

The dollar fell to 87 Japanese yen from 87.14 Japanese yen.