Dollar falls on growth in US manufacturing

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Associated Press

Posted on October 1, 2012 at 12:01 PM

Updated Monday, Oct 1 at 12:02 PM

NEW YORK (AP) — The dollar is falling against the euro after U.S. manufacturing grew in September for the first time in four months.

Riskier currencies such as the euro tend to rise when investors think economic conditions are getting better.

The Institute for Supply Management, a trade group of purchasing managers, says that its index of factory activity rose to 51.5 from 49.6 in August. A reading above 50 signals growth.

The euro rose to $1.29 in afternoon trading from $1.2855 late Friday.

The dollar fell to 0.9375 Swiss franc from 0.9404 Swiss franc and to 98.24 Canadian cents from 98.34 Canadian cents.

The British pound fell to $1.6134 from $1.6140.

The dollar was practically unchanged at 78 Japanese yen from 77.99 yen.

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