NEW YORK (AP) — The dollar is rallying against most major currencies after Federal Reserve Chairman Ben Bernanke offered no hints that it would launch another round of bond purchases to boost the economy.
Those purchases push interest rates lower, weakening the dollar. The Fed has launched two rounds of bond purchases, most recently in August 2010.
The euro fell to $1.2238 in midday trading Tuesday from $1.2278 late Monday. The British pound fell to $1.5612 from $1.5630.
The dollar rose to 79.03 Japanese yen from 78.82 yen and to 0.9815 Swiss franc from 0.9782 Swiss franc.