London: The euro fell against the dollar yesterday in the face of late-session profit-taking that halted earlier gains prompted by positive economic news from China on a day when gold shot to a record high. The single European currency in late-day trade was at 1.4974 dollars after 1.4985 late Tuesday in New York. The dollar was meanwhile trading at 89.90 yen, up from 89.82. The British pound wobbled as the Bank of England forecast a “highly uncertain” economic recovery.

The euro earlier yesterday moved up over $1.50 after China said massive government spending was paying off and a new wave of data showed the world’s third-largest economy continued to strengthen following the worst global crisis in decades. Industrial production and retail sales picked up pace in October, while demand for Chinese exports improved, official data showed.