Dollar rises on Bernanke comments, lower oil prices
The dollar rose against major currencies on Tuesday as Federal Reserve Chairman Ben Bernanke bolstered the market with a speech and oil prices tumbled.
Bernanke promised on Tuesday to consider retaining an emergency lending facility for Wall Street firms past year-end, showing the central bank is determined to stop the credit crisis from wreaking further havoc on the economy.
Oil prices fell more than $5 a barrel on Tuesday as concerns about global oil supply disruptions subsided. Traders took the view that Hurricane Bertha was unlikely to lash the Gulf of Mexico, the center of the US oil refining industry. The euro bought $1.5657 in late New York trading compared with $.5733 it bought late Monday. The British pound fell to $1.9689 from $1.9775. The dollar rose to 1.0335 Swiss francs from 1.0259 Swiss francs, and rose to 107.45 Japanese yen from 106.96 Japanese yen. It rose to 1.0202 Canadian dollars from 1.0177 Canadian dollars. (Xinhua)
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