Dollar Gains as Euro-Zone Concern Spurs Demand for U.S. Assets
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The dollar rose against most of its major counterparts as a possible downgrade of Spain’s credit rating rekindled concern the euro zone’s financial crisis is spreading, spurring demand for the safety of the U.S. currency.
The greenback rose against the euro as U.S. data showed a recovering economy with historically low inflation. The dollar pared gains from the most against the yen in three months as investors unwound positions. The Canadian dollar rallied against most of its major counterparts as industrial production in the U.S. increased more than forecast in November.