Reuters: US Dollar Report: Dollar pares losses vs yen after US GDP data

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Dollar pares losses vs yen after US GDP data Oct 26th 2012, 12:41 NEW YORK | Fri Oct 26, 2012 8:41am EDT NEW YORK Oct 26 (Reuters) - The dollar pared losses versus the Japanese yen on Friday after U.S. GDP data showed economic growth picked up in the third quarter of this year. The dollar last traded at 79.92 yen, still down 0.5 percent on the day. It had been trading at 79.84 before the release of the data. The dollar briefly pared gains against the euro, but the euro eventually fell. The euro last traded at $1.2898, down 0.3 percent on the day. It had been trading at $1.2904 before the release of the data, according to Reuters data. The stronger pace of U.S. expansion, however, fell short of what is needed to make much of a dent in unemployment, and offers little cheer for the White House ahead of the closely contested Nov. 6 presidential election. Gross domestic product expanded at a 2.0 percent annual rate, the Commerce Department said on Friday, accelerating from the second quarter's 1.3 percent pace.

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