Worries about global economy push dollar higher
NEW YORK (AP) — Fears of a slowdown in the global economy are pushing the dollar higher against most major currencies.
Ratings agency Fitch downgraded Japan's credit rating, citing the country's ballooning government debt.
Continuing political and financial uncertainty in Greece pushed shares on the Athens Stock Exchange to their lowest level in 22 years.
And the Organization for Economic Cooperation and Development warned that the 17-country eurozone risks falling into a "severe recession" and called on governments and Europe's central bank to act quickly to keep the slowdown from dragging down the global economy.
The euro fell to $1.2734 from $1.2793. The British pound fell to $1.5782 from $1.5807. The dollar rose to 79.98 Japanese yen from 79.36 yen and to 0.9433 Swiss franc from 0.9391 Swiss franc.