Dollar rises off 3-month lows

By Blake Ellis, contributing writer


NEW YORK (CNNMoney.com) -- The dollar rose against major currencies Thursday as investors concerned about the stability of world markets sought a safe haven. Global stocks fell on Thursday after the Federal Reserve said Wednesday that it plans to hold interest rates steady.

"You couldn't turn on MSNBC or pick up a paper last month without reading about the demise of the dollar, and now it's done a complete 360," said Brian Dolan, a chief currency strategist at Forex.com.

dollar.mkw.gif

"There are credit concerns about Greece and Ireland among others," Dolan said. "The psychology there is negative for Europe and that is what's weighing on the euro."

The greenback climbed to its highest level since September versus the euro after Standard & Poor's downgraded Greece's credit rating, Dolan said. This followed a downgrade by Fitch just over a week ago when health care companies complained that the country was behind on public health care-system payments.

On Wednesday, the dollar rose against the euro after the Federal Reserve said it would hold interest rates steady near 0% as market conditions improve.

"Yesterday we had the Fed sounding a bit more confident about the recovery," said Dolan. "They noted that the decline in unemployment is abating and consumer spending is showing signs of stabilization."

On Thursday, the euro fell 1.3% to $1.434 against the dollar. The British pound dropped 1.1% to $1.616 versus the greenback.

The dollar gained 0.15% against the yen to ¥89.96.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.95%3.98%
15 yr fixed3.08%3.04%
5/1 ARM3.43%3.30%
30 yr refi4.04%4.05%
15 yr refi3.17%3.11%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,368.10 172.68 1.00%
Nasdaq 4,625.49 59.35 1.30%
S&P 500 2,013.85 19.20 0.96%
Treasuries 2.34 0.03 1.39%
Data as of 1:14pm ET
Company Price Change % Change
Bank of America Corp... 17.15 0.12 0.70%
Facebook Inc 75.20 1.09 1.47%
Intel Corp 33.82 1.23 3.79%
Apple Inc 107.55 0.57 0.53%
Crown Castle Interna... 77.07 -6.17 -7.41%
Data as of 1:00pm ET

Sections

Frightening vampires and zombies were no match for the chilling power of Princess Elsa this Halloween. More

Amy Kukec thought leaving her abusive husband would be the beginning of a new life, but so far she's hit one debilitating financial roadblock after another. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.