The dollar crept higher versus the euro for a fourth straight session, amid diminished expectations a summit of European leaders will produce a plan to deal with the region's sovereign debt crisis.
In a sign that investors are growing increasingly concerned that Spain and Italy will eventually default, borrowing costs remained on the rise for the two euro zone members.
Meanwhile, the final estimate on U.S. economic growth in the first quarter of the year was unrevised from the previous estimate and came in line with expectations, according to figures released Thursday by the Commerce Department.
Although the estimate of U.S. GDP growth for the first quarter of 2012 held at 1.9 percent, matching the expectations of most economists, some of the elements contributing to the overall growth were adjusted.
The dollar improved to $1.2420 versus the euro, edging back toward yearly highs near $1.22. The dollar also rallied in mid-day action versus the sterling, rising to $1.5490 from near $1.5570.
On the other hand, the buck eased versus the safe haven yen, dropping to Y79.40 in choppy trading.
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Forex News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.