FOREX NEWS-U.S. dollar rises after Q4 GDP report, euro falls
Fri Jan 30, 2009 9:12am EST
* US Q4 GDP falls 3.8 pct, better than forecast, dlr gains
* Euro tumbles on weak euro zone data
* Risk appetite still dominant theme (Recasts, updates prices, adds comment, U.S. data, changes byline, dateline; previous LONDON)
By Gertrude Chavez-Dreyfuss
NEW YORK, Jan 30 (Reuters) - The dollar rose against a basket of currencies on Friday after government data showed the U.S. economy contracted sharply but by less than expected in the fourth quarter.
The dollar trimmed losses against the yen and pared gains versus the euro, as the data boosted risk appetite, with U.S. stock futures indicating a slightly higher open.
"Obviously this is not a strong report, but certainly the figures didn't come in as bad as expected," said Win Thin, senior currency strategist at Brown Brothers Harriman in New York.
"Lately, the dollar has benefited from bad news on the back of risk aversion and given that this report is not so bad, we saw the currency come off a bit against the euro and other high-yielders right after the release."
Data on Friday showed gross domestic product, which measures total U.S. goods and services output, fell 3.8 percent in the fourth quarter, the steepest decline in nearly 27 years. But this was better than the market's forecast for a 5.4 percent contraction. For the story click on [ID:nN29308953].
In the third quarter, U.S. GDP slid 0.5 percent.
The ICE Futures dollar index, a gauge of the greenback's value against a basket of six other major currencies rose 0.5 percent to 85.881 .DXY.
The dollar was down 0.3 percent against the yen at 89.62 yen <JPY=>, but off session lows at 89.18.
The euro <EUR=> fell 0.9 percent versus the dollar to $1.2843 and briefly edged up after the GDP data. But the euro had already been been weakened by data showing euro zone inflation receding and unemployment increasing.
It earlier fell to a one-week low against the dollar at $1.2803, according to electronic trading platform EBS, after Moody's Investors Service downgraded its outlook on Ireland's long-term debt to negative from stable. (Additional reporting by Vivianne Rodrigues; Editing by James Dalgleish)
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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