The U.S. dollar rose against most major currencies on Monday as investors worried about the outlook of the U.S. financial industry.
Bank of America, the largest bank of the United States, reported on Monday that it posted a profit of 2.81 billion dollars in the first quarter. Profit per share is 44 cents, far more than expected.
It was the latest in a series of better-than-expected profit reports from major U.S. financial institutions including Citigroup and Goldman-Sachs.
But the profit reports failed to lift market sentiment significantly as investors still worried about credit loss of big banks. The strong results were not expected to sustain.
Financial stocks rose in the previous weeks amid hopes on economic stabilization. The hopes diminished as some latest economic data came out to be weak. Profit taking drove more capital away from stocks to gold and the dollar, a safety haven currency.
The euro bought 1.2923 dollars in late New York trading compared with 1.3027 dollars it bought late Friday. The pound fell to 1.4539 dollars from 1.4793 dollars.
The dollar rose to 1.2378 Canadian dollars from 1.2148 Canadian dollars, and rose to 1.1688 Swiss francs from 1.1674 Swiss francs. It fell to 97.84 Japanese yen from 99.24 Japanese yen.
Source: Xinhua
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