Dollar rises on European concerns

The U.S. dollar rose against major currencies in late New York trading on Monday as the result of EU Summit disappointed investors and raised concerns about the European debt crisis Although European leaders agreed to strength fiscal ties among European Union countries at the EU Summit last weekend, investors believed that the deal was not good enough to solve the spreading European debt crisis. The rating agency Moody's on Monday said the agreement reached at the Summit couldn't solve European debt crisis and that it will review all EU countries' credit ratings in the first quarter next year. Another rating agency Fitch also noted that the European debt crisis would continue in 2012 and warned that the European economy would slide further. The concerns about the European debt crisis weighed on the euro as the shared currency dipped 0.05 percent against the dollar on Monday. The dollar was boosted by risk-aversion appetite. The dollar index rose more than 1 percent to 79.52 on Monday. In late Monday trading, the dollar bought 77.91 Japanese yen, comparing with 77.54 from late Friday. The euro fell to 1.3186 dollars from 1.3370. The British pound also fell to 1.5582 dollars from 1.5662. The dollar rose from 0.9241 Swiss francs to 0.9370, and also rose to 1. 0262 Canadian dollars from 1.0186.