Dollar falls against euro for first time in a week

AP News
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Posted: May 18, 2012 5:27 PM
Dollar falls against euro for first time in a week

The dollar fell against the euro for the first time in a week, as excitement about Facebook's initial public offering overshadowed problems in Europe.

The euro rose to $1.2737 in late trading Friday from $1.2714 late Thursday. For the week, the euro is still down 1.6 percent against the dollar.

The euro has been falling against the dollar ever since Greece held elections in early May. Greek voters gave support to anti-austerity parties, but politicians failed to create a new government. As a result, Greece will be holding another round of elections June 17.

With no new data in the U.S. Friday, Facebook's much-anticipated first day as a public company was the focus on Wall Street. The stock closed at $38.23, up 23 cents from its starting price.

Traders are also looking ahead to see what news will come out of this weekend's G8 summit. Leaders from eight of the world's biggest economies will be discussing Europe's ongoing debt crisis in Washington.

In other trading Friday, the British pound rose to $1.5803 from $1.5816 late Thursday. The dollar fell to 79.08 Japanese yen from 79.28 yen and to 0.9430 Swiss franc from 0.9447 Swiss franc.

The dollar rose to 1.0213 Canadian dollar from 1.0174 Canadian dollar.