Dollar Mostly Gains As Investors Seek Safety

NEW YORK -- The dollar was mostly higher Wednesday as a report on the housing sector added to worries about the strength of the U.S. economy's rebound, boosting the buck's appeal as a haven.

Investors tend to buy the dollar, with its access to the huge, liquid U.S. Treasury supply, when economic reports, corporate earnings or other developments make them feel uneasy about the state of the economy.

"Currency markets are exhibiting classic risk-aversion characteristics this morning," wrote Credit Suisse analysts in a research note.

The 16-nation euro fell to $1.4719 in late trading in New York from $1.4809 late Tuesday. Meanwhile, the British pound rose to $1.6413 from $1.6386, while the dollar tumbled to 90.79 Japanese yen from 91.81 yen.

Read Full Story 

NewsMax.com