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Dollar rises as U.S. stocks tumble


http://en.youth.cn   2009-09-02 15:03:00

The dollar rose against most major currencies on September 1 after tumbling U.S. stocks boosted safety demand for the greenback.

Anxiety over U.S. banking sector offset strong economic reports released on Tuesday, driving financial stocks sharply lower. All the three major indexes fell nearly 2 percent.

The Institute of Supply Management reported that its manufacturing index for August jumped to 52.9 points, the highest level in more than two years. It the first time the index breached the expansion/contraction threshold of 50 since January 2008.

The manufacturing sector has benefited from the government "cash-for-clunkers" program, which provides vouchers to buyers who trade their old vehicles for new ones with better mileage. Since the program has already expired, analysts said the growth may not continue at the same pace.

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors (NAR). The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. The recovery is broad-based across many parts of the country, he said.

The euro bought 1.4213 dollars in late New York trading compared with 1.4329 dollars it bought late Monday. The pound fell to 1.6161 dollars from 1.6266 dollars.

The dollar rose to 1.1049 Canadian dollars from 1.0946 Canadian dollars, and rose to 1.0662 Swiss francs from 1.0596 Swiss francs. It fell slightly to 92.95 Japanese yen from 92.99 Japanese yen.

 

 
source : Xinhua     editor:: Fu Qinghua
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