Dollar rises after weak data from China

AP News
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Posted: Aug 10, 2012 3:43 PM

NEW YORK (AP) — The dollar rose against most major currencies Friday on weaker-than-expected trade data from China.

China said on Friday that its exports rose 1 percent over a year earlier. That's below the 5 percent economists expected. Import growth fell to 4.7 percent from 6.3 percent the previous month, also below expectations.

China is the world's second-largest economy. Friday's weak data is a reminder that the global economy may be slowing down. Traders tend to buy the U.S. currency, which is considered a safer bet, when they think economic conditions are getting worse.

The euro slipped to $1.2294 late Friday from $1.2296 late Thursday.

The dollar fell to 78.26 Japanese yen from 78.57 yen, to 0.9766 Swiss franc from 0.9768 Swiss franc and to 99.19 Canadian cents from 99.21 Canadian cents.

The British pound rose to $1.5673 from $1.5635.