Dollar rises on hopes for budget deal

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Associated Press

Posted on December 31, 2012 at 3:01 PM

Updated Monday, Dec 31 at 3:01 PM

NEW YORK (AP) — The dollar is rising against most major currencies on hopes that lawmakers in Washington will reach a last minute budget deal.

If a deal isn't reached by midnight, a series of broad tax increases and government spending cuts are set to kick in.

The euro fell to $1.3196 in afternoon trading from $1.3221 late Friday.

The dollar rose to 86.60 Japanese yen from 86.07 Japanese yen and to 0.9146 Swiss franc from 0.9132 Swiss franc.

The British pound slipped to $1.6245 from $1.6152.

Trading was light Monday with many market participants out on vacation before New Year's Day.

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