27 May '11, 10pm

Dollar falls after poor economic data

NEW YORK - The euro rose against the dollar on Friday after another set of weak US economic indicators but was held back by persistent concerns over a possible Greek debt default, dealers said. The euro climbed to $1.4317 by 2100 GMT from $1.4141 in New York late Thursday. The dollar fell to 80.77 yen from 81.29 yen on Thursday. The dollar began falling on Thursday after a report showed US jobless claims rose after two weeks of declines. Washington also left unrevised its estimate of first-quarter economic growth at a tepid 1.8 percent. Most analysts had expected a rise to 2.0 percent. "The fact that the US GDP data ... was not revised upwards, contrary to expectations, and that the initial jobless claims are rising notably again, was not good news for the dollar," said analysts at Commerzbank. "In the end that means the Fed will wait much longer before it begins to consid...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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