31 October 2001, 17:00  Euro falls vs dollar on US GDP data release

LONDON (AFX) - The euro fell against the dollar after the release of third-quarter gross domestic product figures that were not as weak as the market was expecting, dealers said. "The figures were weak but nearly as bad as the market had feared," 4Cast research director Ray Attrill said. The euro fell to 0.9020 usd at 1.32 pm from 0.9052 before the news. At 1.46 pm, the euro traded at 0.9032 usd. The data showed the US economy shrinking at a 0.4 pct annual rate in the third quarter, compared with economists' forecasts of a fall of up to 1 pct on an annualised basis. The release nonetheless showed the first decline in US GDP since the first quarter 1993 and is the largest decline since the first quarter of 1991, when the economy was last in recession.

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