Dollar falls after US economic growth slows

AP News
Posted: Apr 27, 2012 4:22 PM
Dollar falls after US economic growth slows

The dollar fell against most other major currencies after the U.S. government said that the economy grew more slowly in the first quarter.

The euro rose to $1.3259 in late trading Friday from $1.3239 late Thursday. The British pound rose to $1.6269 from $1.6198.

The Commerce Department said the U.S. economy grew at an annual rate of 2.2 percent in the January-March quarter, below the 2.5 percent gain economists had expected. It grew 3 percent in the last quarter of 2011.

Traders bought the yen after the Bank of Japan said that it would increase its bond-buying program to help boost the economy. The dollar fell to 80.39 Japanese yen from 80.95 Japanese yen after

In other trading Friday, the dollar fell to 0.9062 Swiss franc from 0.9079 Swiss franc and to 98.09 Canadian cents from 98.37 Canadian cents.

The U.S. currency was also weaker against the Australian and New Zealand dollar, the Norwegian krone and Hong Kong dollar.