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The Journal Gazette

Wednesday, January 23, 2013 4:45 pm

Dollar flat after IMF cuts global growth forecast

The Associated Press

The dollar was little changed against other major currencies Wednesday after the International Monetary Fund cut its estimates for world economic growth this year.

The IMF says that it expects global growth of 3.5 percent in 2013, down from its previous estimate of 3.6 percent. The IMF also projects a slight economic contraction in 2013 for the 17 countries that use the euro.

Traders are looking ahead to Thursday's release of data from the euro zone, known as the Purchasing Managers Index, to get a better idea of how the economy is doing in the region.

The euro rose to $1.3321 in late trading Wednesday from $1.3317 late Tuesday. The British pound slipped to $1.5843 from $1.5844.

The dollar fell to 88.66 Japanese yen from 88.76 Japanese yen and

The dollar rose to 0.9296 Swiss franc from 0.9294 Swiss franc and to 99.93 Canadian cents from 99.26 Canadian cents.