Dollar rises on US data, Bernanke testimony

Dollar rises on US data, Bernanke testimony; euro falls to 7-week low against dollar

Associated Press

NEW YORK (AP) -- A rise in American's confidence in the economy and comments from Federal Reserve Chairman Ben Bernanke pushed the dollar higher against other major currencies Tuesday.

The euro fell to a seven-week low against the dollar after Italy's general election ended with no clear winner.

The euro fell to $1.3055 late Tuesday from 1.3121 late Monday. The euro fell as low as $1.3016, its lowest point against the dollar since Jan. 7.

The Conference Board said 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 Tuesday that the Fed will stick to low interest rate policies to boost the economy.

In Italy, an inconclusive election is raising the possibility that the country will need to vote again. That could derail efforts to resolve Italy's fiscal problems and possibly reignite Europe's debt crisis.

The British pound fell to $1.5129 from $1.5192.

The dollar rose to 0.9321 Swiss franc from 0.9305 Swiss franc.

The dollar fell to 91.96 Japanese yen from 92.58 Japanese yen

The dollar was practically unchanged at 1.0263 Canadian dollar from 1.0262 Canadian dollar.

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