Dollar rises on European fear
The U.S. dollar rose against major currencies in late New York trading on Monday as fears of European debt crisis pressured on the euro and raised risk- aversion appetite.
It is reported on Monday that the International Monetary Fund was set to stop aid for Greece, raising concerns that the country would become insolvent as early as September, Xinhua reported.
Meanwhile, the yields of Spain's 10-year treasury bonds surged, rising beyond 7 percent, as the country's solvency ability was also doubted by investors. Spain banned short-sale for 3 months on Monday, in the face of rising fear on market.
The euro tumbled on Monday against the dollar as investors worried that the European debt crisis might become worse. The dollar index gained 0.242 to 83.815.
In late Monday trading, the dollar bought 78.40 Japanese yen, compared with 78.46 from late Friday. The euro fell to 1.2125 dollars from 1.2159.
The British pound also fell to 1.5521 dollars from 1.5617. The dollar rose from 0.9877 Swiss francs to 0.9906, and also rose to 1. 0176 Canadian dollars from 1.0123.