U.S. dollar trims declines against euro after data

by on July 31, 2012 1:58 pm BST

NEW YORK, July 31 |
Tue Jul 31, 2012 9:58am EDT

(Reuters) – The dollar pared losses
against the euro after data showed the pace of business activity
in the U.S. Midwest rose in July.

The euro last traded at $1.2280, up 0.2 percent on
the day, compared with $1.2297 before the data.

“What it does do, however, is guarantee the Fed won’t take
any action tomorrow because we have not seen enough pullback in
the U.S. economy to justify any action,” said Kathy Lien,
managing director of BK Asset Management in New York.