Euro Lower Against US Dollar

FRANKFURT, Germany (AP) -- The euro slid against the U.S. dollar on Thursday after surveys said business confidence in France and Germany was dropping amid fears of slower growth.

In midmorning European trading, the 15-nation currency bought $1.5749 - well below the high of $1.6018 it reached Tuesday and significantly short of the $1.5896 it bought in New York late Wednesday.

The Ifo institute's closely watched monthly survey showed business confidence dropping in Germany, Europe's largest economy, after three consecutive increases. The index fell to 102.4 points in April from 104.8 in March.

A separate report showed that French manufacturers' confidence in April was down to 106 points, its lowest level since January 2007.

In other trading, the British pound dropped to $1.9741 from $1.9803 late Wednesday. The dollar was up to 103.81 Japanese yen from 103.52 yen.

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