The euro fell against the U.S. dollar Wednesday as reports of surging consumer confidence in America strengthened faith in its economy. In afternoon trading in Europe, the 12-country euro bought $1.2061, down slightly from $1.2065 in New York late Tuesday. The dollar continued its rise against the yen, trading at 110.34 -- up from the 109.85 yen late Tuesday. It was the highest level since October, as traders continued to fret about the impact of high oil prices on Japan's economy. The British pound fell to $1.8089 from $1.8153. Crude oil futures fell Wednesday, though traders feared that consumption and demand indicators from a weekly U.S. petroleum inventory report could cause prices to rise toward $60 again. German Economics and Labor Minister Wolfgang Clement said Wednesday that high oil prices were a risk to the global economy and called for the European Central Bank to cut its interest rates from 2 percent to boost the euro-zone's economy. The ECB has held interest rates at 2 percent for two years. "Monetary policy as it is at the moment is not necessarily in line with our interests," he said in Berlin.