Euro falls after ECB cuts economic forecast

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Associated Press

Posted on December 6, 2012 at 4:00 PM

Updated Thursday, Dec 6 at 5:01 PM

NEW YORK (AP) — The euro is falling against the dollar after the European Central Bank cut its forecast for economic growth next year for the 17 countries that use the euro.

The euro fell to $1.2963 Thursday from $1.3079 late Wednesday.

ECB chief Mario Draghi said that "weak activity is expected to extend into next year," with a gradual recovery later in 2013.

In other trading, the British pound fell to $1.6046 from to $1.6099.

The dollar was little changed against the Japanese currency, edging up to 82.36 yen from 82.35 yen. It rose to 0.9331 Swiss franc from 0.9262 Swiss franc.

The dollar rose to 99.14 Canadian cents from 99.13 Canadian cents.

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