LONDON (AFX) - The euro dipped sharply against the dollar on the stronger-than-expected surge in US first-quarter economic growth, before recovering most of its losses, dealers said. The euro fell to a low of 0.8962 usd from 0.8975 at 1.29 pm, immediately before the news. At 1.46 pm, it traded at 0.8970 usd. The US economy expanded at a 5.8 pct annual rate in the first quarter in its largest increase in GDP since the fourth quarter of 1999. Wall Street economists had forecast growth of 4.9 pct. Dealers said that while the figure put the euro under some pressure temporarily, the focus will shift to US growth figures for the second quarter. "There hasn't really been any strong follow-through buying of the dollar," Commerzbank currency strategist Kamal Sharma said. "Most of the good news had already been priced into the market," he said.