Dollar rises after weak data from China

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Associated Press

Posted on August 10, 2012 at 2:00 PM

Updated Friday, Aug 10 at 2:01 PM

NEW YORK (AP) — The dollar is rising against most major currencies on weaker-than-expected trade data from China.

China said on Friday that its exports rose 1 percent over a year earlier. That's below the 5 percent economists expected. Import growth fell to 4.7 percent from 6.3 percent the previous month, also below expectations.

China is the world's second-largest economy. Friday's weak data is a reminder that the global economy may be slowing down. Traders tend to buy the U.S. currency, which is considered a safer bet, when they think economic conditions are getting worse.

The euro fell to $1.2290 in afternoon trading from 1.2296 late Thursday.

The dollar fell to 78.23 Japanese yen from 78.57 yen and to 0.9760 Swiss franc from 0.9768 Swiss franc.

The British pound rose to $1.5679 from $1.5635.

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