US dollar falls to 7-month low against Japanese yen

NEW YORK  -- The US dollar fell to a seven- month low against the Japanese yen on Friday as disappointed corporate earnings and weak consumer confidence put the dollar under selling pressure.

General Electric Co, the largest US conglomerate, and top US financial groups Bank of America Corp and Citigroup Inc all reported declines in quarterly revenues from the prior year.

The University of Michigan's index of consumer sentiment fell to 66.5 in early July from 76, showing consumers were less optimistic about the economic recovery amid high unemployment rates.

The euro touched a two-month high above $1.30 on rising European money market rates, but slipped back as investors bet the rise was overdone.

In late trading in New York, the euro was worth 1.2947 dollars, compared with 1.2897 dollars late Wednesday.

The British pound fell to $1.5307 from $1.5413, while the dollar fell to 86.71 Japanese yen from 87.46 yen. The dollar rose to 1.0502 Swiss francs from 1.0434 francs, and rose to 1.0540 Canadian dollars from 1.0380 Canadian dollars.