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Originally published Tuesday, March 12, 2013 at 8:31 AM

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Dollar gains on weak British economic data

The dollar is mixed against other major currencies following weak British economic data and the possibility for new stimulus in Japan.

The Associated Press

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NEW YORK —

The dollar is mixed against other major currencies following weak British economic data and the possibility for new stimulus in Japan.

The euro is down a fraction against the dollar, trading at $1.3026 late Tuesday, from $1.3038 Monday, after an earlier rally fizzled. No significant U.S. economic data was released Tuesday. The Commerce Department will release retail sales data for February Wednesday before U.S. markets open.

The pound fell slightly after official figures showed that industrial production fell sharply in Britain in January.

"This was the worst reading since August," Boris Schlossberg, managing director of foreign exchange strategy for BK Asset Management in New York, wrote in a note to investors.

Schlossberg said the decline indicates that manufacturing will weigh heavily on Britain's economy in the first quarter and will remain "an anchor across the neck of sterling."

The pound fell sharply following the data release, dropping as far as $1.4830, the lowest since June 2010. It regained most of that drop during the session to trade at $1.4909 late Tuesday, compared with $1.4929 late Monday.

The dollar fell to 95.93 Japanese yen late Tuesday, from 96.27 yen late Monday.

That also represented a rebound. The yen fell earlier to a three-and-a-half year low against the dollar, as expectations increased that the Bank of Japan will soon announce a big stimulus program to get the Japanese economy going again.

The dollar slipped to 0.9473 Swiss franc from 0.9478 Swiss franc and to 1.0261 Canadian dollar from 1.0264 Canadian dollar.

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