Fears about global economy push dollar higher

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Associated Press

Posted on September 20, 2012 at 11:01 AM

Updated Thursday, Sep 20 at 12:01 PM

NEW YORK (AP) — The dollar is rising against most other currencies after weak economic data from Asia and Europe pointed to more weakness in the economy.

A private survey of manufacturers in China showed that activity fell again in September.

Japan posted a $9.6 billion trade deficit in August as shipments to Europe and Asian countries fell. A closely watched survey in Europe suggested that the region is headed for a deepening recession.

Traders consider the dollar a safe haven, so it tends to rise when traders are worried about the global economy.

The euro fell to $1.2945 in morning trading from $1.3063. The British pound fell to $1.6197 from $1.6230.

The dollar rose to 0.9336 Swiss franc from 0.9275 franc.

The dollar fell to 78.25 Japanese yen from 78.39 yen.

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