Dollar rises as US services expand

Dollar rises against euro, pound, yen as growth picks up in US service businesses

Associated Press

NEW YORK (AP) -- The dollar rose against most major currencies Wednesday following a report that the U.S. service sector grew at a slightly faster pace in November.

The Institute for Supply Management said its index measuring service businesses rose to 54.7 last month from 54.2 in October, thanks to higher sales and new orders. Any reading above 50 indicates expansion.

The report measures growth in businesses ranging from retail and construction companies to health care and financial services.

The euro fell to $1.3079 late Wednesday from $1.3101 late Tuesday. The British pound fell to $1.6099 from $1.6106.

The dollar rose to 82.35 Japanese yen from 81.84 yen and to 0.9262 Swiss franc from 0.9260 Swiss franc.

The dollar fell to 99.13 Canadian cents from 99.28 Canadian cents.

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