NEW YORK (AP) — The dollar is rising even after the U.S. government reported that housing construction slowed in January.
Many still expect a steady recovery in the housing market to continue, despite the slowdown. Applications for building permits, a signal of future construction, increased. A stronger housing market would support growth in the U.S. economy.
The dollar is up against the euro, the currency used by 17 European countries, as well as the Japanese yen and the Canadian dollar.
The British pound fell below $1.53 Wednesday for the first time since June following reports that the Bank of England was getting more concerned about Britain's economy. If the country takes more economic stimulus measures such as lowering interest rates, it could cause the pound to fall in value.