Euro falls against dollar on Italy fears

Last Updated: Thu, Feb 28, 2013 22:30 hrs

The euro weakened against the dollar Thursday as traders worried that Italy's political crisis will hurt efforts to resolve the country's fiscal problems.

The euro fell to $1.3063 in late trading Thursday from $1.3129 late Wednesday.

The euro is down about 1 percent against the dollar since Italy's inconclusive election over the weekend. There's a possibility that the country will need to vote again, which could reignite Europe's debt crisis.

In the U.S., The Commerce Department said that the economy grew at a 0.1 percent annual rate from October through December, the weakest performance in nearly two years.

The British pound rose to $1.5173 from $1.5153.

The dollar rose to 92.34 Japanese yen from 92.28 Japanese yen and to 0.9332 Swiss franc from 0.9310 Swiss franc and to 1.0299 Canadian dollar from 1.0233 Canadian dollar.

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