Dollar snaps 3-day rise against euro

The U.S. dollar edged up against most major currencies Friday but it declined against the euro after rising for three consecutive days. The euro recovered versus the dollar Friday as speculations that the European Central Bank may take more stimulus measures at next week's policy meeting weakened after data showed German inflation slowed less than forecast in March. The euro was pressured by remarks from ECB governing council member Jens Weidmann earlier this week. Weidmann said negative interest rates could be used by the European Central Bank to counter the strong euro, while U.S. Federal Reserve Chair Janet Yellen signaled the possibility of raising interest rates early next year, sooner than previously expected. Moreover, the U.S. dollar was firmed as U.S. real gross domestic product (GDP) in the fourth quarter of 2013 was upwardly revised to 2.6 percent, according to the third and final estimate given by the U.S. Commerce Department Thursday. U.S. economic data released Friday were mixed. Both U.S. personal income and consumer spending rose 0.3 percent in February, according to the Commerce Department, with the former beating market expectations and the latter matching analysts' forecast. Meanwhile, the Reuter's/University of Michigan's consumer sentiment index's final reading in March came out at 80, missing market consensus of 80.5. In late New York trading, the euro rose to 1.3751 U.S. dollars from 1.3747 dollars in the previous session, and the British pound increased to 1.6645 U.S. dollars from 1.6616 dollars. The Australian dollar dropped to 0.9250 U.S. dollars from 0.9257 dollars. The U.S. dollar bought 102.80 Japanese yen, higher than 102.17 yen of the previous session. The U.S. dollar moved up to 0.8869 Swiss francs from 0.8863 Swiss francs and went up to 1.1055 Canadian dollars from 1.1033 Canadian dollars.