The 16-nation euro climbed against the dollar early Thursday after Germany, Europe's largest economy, reported an unexpected rise in gross domestic product, technically bringing it out of recession, AP reported. The euro bought $1.4259 in early European trading, up from $1.4214 the night before in New York. The British pound rose to $1.6575 from $1.6511 in New York, while the dollar dipped slightly to purchase 96.20 Japanese yen from 96.23 the night before. The euro gained traction Wednesday after the U.S. Federal Reserve held a key bank lending rate at a record low near zero, and the U.S. Commerce Department said that the U.S. trade deficit edged up slightly in June. It was bolstered further Thursday after Germany reported that when adjusted for price, seasonal and calendar variations, gross domestic product rose 0.3 percent over the previous quarter, the first rise since the first quarter of 2008, when the country entered recession. In unadjusted figures, however, GDP dropped 7.1 percent in the second quarter of 2009 compared to the same quarter last year. -- SPA
