Dollar recovers a day after record-breaking fall against the euro (AP) (24-04-2008)

NEW YORK (AP) -- The dollar rose against major currencies on Wednesday, recovering a day after the euro topped $1.60 for the first time.

Concerns regarding the U.S. economy notwithstanding, the dollar benefited as the euro dropped back. The European currency was worth $1.5896 in late New York trading, below the high of $1.6018 it reached Tuesday after a pair of European Central Bank governors suggested that interest rates would go higher if inflation was not stemmed.

Britain's pound drifted lower against the dollar to $1.9803 from $1.9952 in late New York trading Tuesday after minutes from the Bank of England's last Monetary Policy Committee meeting showed concern about inflation there in the face of a weaker pound and higher utility and food costs.

The dollar inched up against the Japanese currency, rising to 103.52 yen from 103.09 yen. It climbed to 1.0175 Canadian dollars from 1.0084 Canadian dollars, and gained to 1.0158 Swiss francs from 1.0028 Swiss francs.

Renewed concern about the health of the U.S. economy came Tuesday after the National Association of Realtors reported that sales of existing single-family homes and condominiums dropped by 2 percent in March, the seventh such drop in the past eight months.

SourceAP