Dollar rises amid Europe concerns, Fed pledge

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NEW YORK, Oct 8 (Xinhua): The US dollar rose against most major currencies this week as investors' concerns about the European debt crisis continued to weigh on the euro. Meanwhile, the dollar was lifted as the Federal Reserve pledged to provide further stimulus policy if needed. The Federal Reserve chairman Ben Bernanke said this week the economy is weaker than the central bank had expected and that poor job growth continues to undercut consumer confidence. He warned Congress that deep spending cuts may impede a recovery. Bernanke also said the central bank is ready to take more steps to stimulate the economy if necessary. The most anticipated economic data this week was related to US employment situation. A report from ADP said private US employers added 91,000 jobs in September, more than some analysts had expected. The figure eased investors' concerns about the job markets. The US Labor Department said initial jobless claims rose 6,000 to 401,000 last week, slightly lower than economists' expectations.