Dollar rises on budget deal worries

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Associated Press

Posted on December 21, 2012 at 2:01 PM

Updated Friday, Dec 21 at 2:01 PM

NEW YORK (AP) — The dollar is rising against most major currencies as talks for a budget deal in Washington stall.

House Republicans called off a vote on tax rates. If lawmakers don't reach a deal on reducing the budget deficit, steep tax increases and government spending cuts kick in at the beginning of next year.

Traders tend to buy safer currencies, such as the dollar, when they are concerned about the economy.

The euro fell to $1.3167 in afternoon trading Friday from $1.3241 late Thursday. The British pound fell to $1.6165 from $1.6284.

The dollar fell to 84.14 Japanese yen from 84.42 Japanese yen.

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