Dollar lower on weak economic data

US dollar and Euro bank notes

NEW YORK: The dollar dropped against the euro Thursday after a series of weak US economic reports.

At 2300 GMT, the euro was trading at $1.3050, up from $1.3028 Wednesday night.

The dollar also weakened against the British pound and the Swiss franc.

But the dollar gained on the yen, trading at 98.23 compared with 97.98 the night earlier.

The euro traded at 128.21 yen, up from 127.66.

The dollar was weakened after a series of economic indicators were released, including a rise in jobless claims, a slowing of manufacturing activity in the mid-Atlantic and a disappointing report on leading economic indicators.

Kathy Lien of BK Asset Management said the reports are unlikely to affect the Federal Reserve's calculus on interest rates.

The euro also gained on news that Spain sold 4.7 billion euros in debt at the lowest yields since September 2010, and from reports that German lawmakers approved a Cyprus bailout, said Zachary Griffith of Wells Fargo.

But "concerns in Italy may arise once again, as Italy's parliament failed to elect a president today in a first round of voting," Griffith said.

In Washington, finance ministers from around the world were gathering for a meeting of the Group of 20 Nations timed with the annual spring meetings of the International Monetary Fund and the World Bank.

"We don't expect any major comments on currencies," Lien said.

"The Group of 20 may reiterate that countries like Japan should avoid competitive devaluation but with so many guilty of doing the same, it may be difficult to official harden their stance on Japan."

Among other currencies, the British pound traded at $1.5281, up from $1.5244 late Wednesday.

The dollar traded at 0.9326 Swiss franc, down from 0.9328.