Euro falls on fears about global economy

AP News
Posted: May 11, 2012 3:30 PM
Euro falls on fears about global economy

The euro fell against the dollar Friday after disappointing manufacturing reports from China and India Friday got investors worried that the global economy may be slowing.

China said industrial production rose 9.3 percent in April from a year ago, below analysts' expectations. India's industrial output fell 3.5 percent in March.

The euro fell to $1.2925 in late trading Friday from $1.2951 late Thursday.

The euro fell 1.4 percent against the dollar for the week following elections in Greece and France Sunday. A new president was elected in France, putting Europe's plans to ease its debt crisis at risk of being derailed. In Greece, leaders still have not been able to form a coalition government after voters punished politicians who were for austerity measures.

In other trading, the U.S. dollar fell to 1.0001 Canadian dollar from 1.0011 Canadian dollar after Canadian government said more jobs were created in April than analysts had expected.

The British pound fell to $1.6074 from $1.6153.

The dollar rose to 0.9294 Swiss franc from 0.9274 Swiss franc. The dollar was practically unchanged at 79.90 Japanese yen from 79.91 yen.