Published October 08, 2012
NEW YORK – The dollar rose against most major currencies Monday on fears that the global economy is slowing.
The World Bank cut its growth forecast for Asia Monday and said that China's economy could continue to cool. The bank cut this year's growth outlook for developing Asia-Pacific economies to 7.2 percent, down from its May forecast of 7.6 percent. The bank cut its forecast for China to 7.7 percent from 8.2 percent in May.
In Europe, finance ministers from the 17 countries that use the euro started a two-day meeting in Luxemburg. The officials are expected to discuss Greece, Spain and other matters related to Europe's debt crisis.
The euro fell to $1.2967 in late trading Monday from $1.3025 late Friday. The British pound fell to $1.6036 from $1.6140.
The dollar rose to 0.9330 Swiss franc from 0.9300 Swiss franc.
The dollar fell to 78.34 Japanese yen from 78.69 yen and to 97.66 Canadian cents from 97.90 Canadian cents.