NEW YORK, Oct 29: The dollar pushed higher on Friday, buoyed by news that the US economy beat expectations and expanded at an annual rate of 3.8 per cent in the third quarter.
The euro fell to $1.2068 after trading at $1.2139 late Thursday in New York.
The dollar edged up to 115.66 yen against 115.43 on Thursday.
The report on gross domestic product in the world’s biggest economy in the July-September period topped expectations of a 3.6 per cent expansion, and showed acceleration from 3.3 per cent in the previous quarter.
The report suggested the economy appears to have weathered the impact of hurricanes Katrina and Rita and a surge in energy costs. “Ultimately, the rise in GDP shows that the US economy remains strong, despite two major hurricanes and continued interest rate increases,” wrote analysts at Forex Capital Markets.—AFP
