Dollar rises on US data, Bernanke testimony

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Associated Press

Posted on February 26, 2013 at 2:01 PM

Updated Tuesday, Feb 26 at 2:02 PM

NEW YORK (AP) — A rise in American's confidence in the economy and comments from Federal Reserve Chairman Ben Bernanke are pushing the dollar higher against other major currencies. The euro is weakening against the dollar after Italy's general election ended with no clear winner.

The euro fell as low as $1.3016, its lowest point against the dollar since Jan. 7. The euro was worth $1.3121 late Monday.

The Conference Board says that its Consumer Confidence Index stands at 69.6 in February, up from a revised 58.4 in January. Economists expected a rise to 60.5.

Bernanke signaled in testimony that the Fed will stick to low interest rate policies to boost the economy.

The British pound fell to $1.5142 from $1.5192.

The dollar fell to 91.70 Japanese yen from 92.58 Japanese yen.

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