Dollar falls after mixed US data

AP News
Posted: Sep 27, 2012 4:41 PM
Dollar falls after mixed US data

NEW YORK (AP) — The dollar fell against most major currencies Thursday after mixed data on the U.S. economy. Traders also bought the euro after Spain outlined its 2013 budget.

The U.S. government said the overall economy grew at a slower annual rate in the April-through-June quarter than it previously estimated. Companies cut orders for durable goods last month. And the number of Americans seeking unemployment benefits fell.

The National Association of Realtors said that less Americans signed contracts to buy previously occupied homes in August than July.

The euro rose to $1.2917 in late trading Thursday from $1.2859 late Wednesday. The British pound rose to $1.6240 from $1.6154.

Spain announced more budget cuts to convince lenders it is working toward cutting its deficit. Many economists see the cost-cutting as a signal Spain is preparing to request financial aid from other governments and the European Central Bank.

The dollar fell to 77.62 Japanese yen from 77.72 yen, to 0.9371 Swiss franc from 0.9399 Swiss franc and to 98.06 Canadian cents from 98.46 Canadian cents.