(RTTNews) - The dollar rose against other major currencies in the European session on Friday as traders bet on safe-haven assets after the President Barack Obama's job speech failed to dispel lingering concerns over the U.S. economy. Obama delivered the much-awaited jobs address late Thursday, which triggered mixed reaction. The president unveiled a $421 billion package to re-invigorate the falling job market and in turn to boost the sagging recovery. The plan seeks to extend the unemployment insurance and modernize schools and kick start high-investment infrastructure projects, with the latter two projects expected to increase construction jobs. The speech set the stage for the president's 2012 re-election bid. Speaking at the Minnesota Economic Club in Minneapolis on Thursday afternoon, Fed Chief Ben Bernanke largely reiterated the remarks that he made at the Fed conference in Jackson Hole last month. While Bernanke once again noted that the Fed has a range of tools that could be used to provide additional monetary stimulus, traders seemed disappointed that he did not provide more concrete signals about the likelihood that the central bank will utilize those tools. Bernanke said that the Federal Open Market Committee would consider the possibility of providing further stimulus at its next meeting later this month. The dollar rose to a 6-month high of 1.3790 against the euro and the next upside target level for the dollar is seen at 1.360. Germany's consumer prices increased more than previously estimated in August, final data released by statistical office Destatis showed today. At the same time, the annual growth in consumer prices for August was revised up to 2.4 percent from 2.3 percent estimated earlier. Month-on-month, consumer prices remained unchanged in August, compared to a 0.1 percent decline shown in the preliminary estimate. Against the yen, the dollar strengthened to a 1-month high of 77.80. On the upside, 78.5 is seen as the next target level for the US currency. The dollar jumped to a fresh 3- 1/2 -month high of 0.8816 against the Swiss franc. If the dollar-franc pair advances further, it may likely target the 0.90 level. The dollar climbed to a fresh 2-month high of 1.5897 against the pound. The next upside target level for the dollar is seen at 1.578. Data released by the Office for National Statistics showed that the output price index in U.K. increased 6.1 percent year-on-year in August, unchanged from the growth recorded in July. Economists expected a 5.9 percent growth. In June, prices rose 5.8 percent annually.

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