Euro falls after IMF cuts global growth forecast

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Associated Press

Posted on January 23, 2013 at 1:01 PM

NEW YORK (AP) — The euro is falling against the dollar after the International Monetary Fund cut its estimates for world economic growth this year.

The IMF says that it expects global growth of 3.5 percent in 2013, down from its previous estimate of 3.6 percent. The IMF also projects a slight economic contraction in 2013 for the 17 countries that use the euro.

The euro fell to $1.3307 in afternoon trading from $1.3317 late Tuesday. The British pound fell to $1.5837 from $1.5844.

The dollar fell to 88.60 Japanese yen from 88.76 Japanese yen and to 0.9290 Swiss franc from 0.9294 Swiss franc.

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