NEW YORK, May 29 (Xinhua) -- The dollar fell against major currencies on Friday as positive economic reports boosted risk appetite in foreign exchange trading.

    The U.S. Commerce Department revised U.S. real GDP growth in the first quarter from a decline of 6.1 percent to a smaller loss of 5.7 percent. The revised report showed smaller declines in non-residential fixed investment, exports and government spending, and a rise of 3.4 percent in corporate profits.

    Analysts said the data suggested that the rate of decline in economic activity was decelerating. It was expected that real GDP would contract by 2 percent to 3 percent in the second quarter before flattening out in the third quarter.

    British house prices rose by 1.2 percent in May from April, according to a report from the nationwide building society. The year on year drop of house prices in May was 11.3 percent, smaller than 15 percent in April. The report offered new evidence of recovering activity in British housing market, driving the pound higher. In the past three months, the British currency gained nearly 15 percent against the dollar.

    Japan's industrial output jumped by 5.2 percent in April from the previous month, the Ministry of Economy, Trade and Industry of Japan said. It was the largest increase in decades and an increase for the second consecutive month. The ministry said industrial production showed signs of an upward movement.

    The euro bought 1.4132 dollars in late New York trading compared with 1.3962 dollars it bought late Thursday. The pound rose to 1.6140 dollars from 1.5953 dollars.

    The dollar fell to 1.0938 Canadian dollars from 1.1137 Canadian dollars, and fell to 1.0678 Swiss francs from 1.0834 Swiss francs. It fell to 95.15 Japanese yen from 96.91 Japanese yen.

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