Early trade in New York: Dollar pares losses

The dollar trimmed earlier losses against the euro and yen early Friday as the downgrade on fourth-quarter US growth was not as steep as economists had forecast, supporting the view the world's biggest economy will grow at a moderate pace. Gross domestic product grew at a 2.2 percent annual pace, slower than the initial estimate of a 2.6 percent pace, the Commerce Department said on Friday. The economy grew at a 5 percent rate in the third quarter.
The euro was last up 0.22 percent at $1.1220 after being up 0.36 percent shortly before the release of the latest GDP data. The dollar turned flat against the yen at 119.37 yen after being down 0.1 percent before the GDP data. The dollar index was last down 0.26 percent at 95.043, compared with a 0.36 percent decline prior to the data.