AP: Dollar rises on concerns about Chinese economy
NEW YORK (AP) - The dollar is rising against the euro on concerns that China's economy is slowing.
A report showed that home prices in 45 Chinese cities fell in February. Worries about the world's second-largest economy increased after mining company BH Billiton said it expects weakening Chinese demand for iron ore, which is used to make steel.
Traders tend to buy what they consider safer currencies, such as the dollar, when they are worried about the global economy.
The euro fell to $1.3218 in midday trading Tuesday from $1.3238 late Monday. The British pound fell to $1.5843 from $1.5899.
The dollar rose to 83.57 Japanese yen from 83.41 yen and to 0.9119 Swiss franc from 0.9114.
