NEW YORK, Dec. 20 (Xinhua) -- The dollar continued to rise against the euro on Thursday after a reported showed that the U.S. economy expanded at its fastest pace in four years during the summer.

    The U.S. Commerce Department reported Thursday that the gross domestic product (GDP) grew at a 4.9-percent pace in the July-to-September period.

    The performance was impressive given that the housing market plunged deeper into despair and credit woes weighed heavily on individuals and businesses.

    The euro was hit as a report released on Wednesday showed that the index of business confidence in Germany hit its lowest point since January 2006.

    An unexpected rise in consumer confidence of the largest economy of the euro zone revealed on Thursday failed to bolster the euro.

    The euro bought 1.4323 dollars in late New York trading, down from 1.4381 dollars Wednesday. The pound dropped to 1.9814 dollars from 1.9966 dollars.

    The dollar slipped to 113.05 Japanese yen from 113.35 yen. It rose to 1.1580 Swiss francs from 1.1553 francs, and fell to 1.0007 Canadian dollars from 1.0035 Wednesday.