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.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org