NEW YORK (AP) — The dollar dropped Wednesday on disappointing U.S. economic news and the Federal Reserve's slightly weaker economic outlook.
The euro continued to climb after a successful auction of Greek government debt helped allay some investor anxiety over a downgrade of Portugal’s credit rating.
The euro rose to $1.2731 in late New York trading from $1.2702 Tuesday, while the British pound jumped to $1.5253 from $1.5156 and the dollar slipped to 88.28 Japanese yen from 88.57 yen.
The Fed lowered its projection for U.S. economic growth, saying it now expects gross domestic product to expand between 3 percent and 3.5 percent this year. That’s down from the 3.2 percent to 3.7 percent forecast in April.
In other late trading, the dollar fell to 1.0550 Swiss francs from 1.0562 francs, but edged up to 1.0352 Canadian dollars from 1.0324 Canadian dollars.
The dollar was also lower versus currencies of countries that are big commodity exporters, such as Australia and New Zealand, as well as against Scandinavian currencies.
