(RTTNews.com) - The dollar was generally stronger Tuesday morning in New York, rising to its highest since late January versus a basket of major rivals. A disappointing economic forecast from China has rattled global markets and boosted the appeal of the safe haven dollar. The world's fastest growing economy lowered its 2012 growth target to 7.5 percent from the 8 percent level seen for nearly a decade. With no economic data on tap from the U.S. today, the dollar rose to a nearly 3-week high of $1.3130 against the euro. In February the dollar touched $1.3495 its lowest since around Halloween. The Eurozone economy contracted as initially estimated in the fourth quarter, with the economic setback reflecting widespread weakness in spending, investment and foreign demand amid fiscal squeeze and debt woes. Gross domestic product suffered a 0.3 percent reduction in the fourth quarter from a quarter ago, second estimates from Eurostat confirmed Tuesday. The dollar improved to 1.5775 versus the sterling, but continued to level off versus the yen, easing below Y81. U.K. house prices declined by 0.5 percent in February from a month ago, data from the Lloyds Banking Group'sHalifax division showed Tuesday. This followed January's 0.6 percent increase and continues the mixed monthly pattern seen over the past year. Economists had expected a 0.3 percent rise for February.

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