The US dollar pared its losses on the forecasts that the reports this week would show that the pace of GDP growth increased and the consumer confidence improved in the US.

The analysts estimated that the US gross domestic product rose at the 3.5 percent annual pace last quarter, compared to the 2.6 percent rate in the third quarter of 2010. The analysts also expect the report to show tomorrow that the consumer confidence index of the US Conference Board went up from 52.5 in December to 54.2 in January.

EUR/USD dropped from 1.3605 to 1.3570 as of 09:18 GMT today, while USD/JPY rose from 82.63 to 82.91.

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