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Dollar strengthens against the euro on worries about US fiscal cliff and Europe's debt crisis

The dollar rose against most major currencies Friday and hit a two-month high against the euro.

Traders are worried about the U.S. "fiscal cliff," a series of tax increases and government spending cuts set to kick in at the beginning of next year.

Renewed fears about Europe's debt crisis are also pushing the dollar higher. European Central Bank President Mario Draghi warned this week that Europe's economy remains weak.

The euro fell to $1.2713 late Friday from $1.2750 late Thursday. The euro fell as low as $1.2688 earlier, its lowest point against the dollar since Sept.7.

The British pound fell to $1.5903 from $1.5981.

The dollar rose to 79.45 Japanese yen from 79.38 Japanese yen, to 0.9487 Swiss franc from 0.9457 Swiss franc and to 1.0004 Canadian dollar from 99.98 Canadian cents.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.01% dw 4.03%  
15 Y Fixed Graph 3.12% up 2.97%  
30 Y Fixed Jumbo Graph 4.22% up 4.13%  
5/1 ARM Graph 3.11% up 2.99%  
5/1 Jumbo ARM Graph 3.52% up 3.48%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.67% up 4.32%  
$50K HELOC Graph 4.04% up 3.99%  
$30K Loan Graph 5.00% up 4.99%  
$50K Loan Graph 4.36% -- 4.36%  
$75K Loan Graph 4.36% -- 4.36%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.69% dw 2.83%  
36 M Used Graph 3.18% dw 3.36%  
48 M New Graph 3.02% dw 3.15%  
48 M Used Graph 2.91% dw 3.00%  
60 M New Graph 3.06% dw 3.16%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% up 0.38%  
1 yr Graph 0.70% -- 0.70%  
5 yr Graph 1.50% dw 1.51%