NEW YORK – The US dollar surged Friday against the euro and several other key currencies amid concerns over the pace of US economic recovery and potential eurozone economic troubles.

The euro fell to $1.4715 at 2200 GMT from $1.4833 late Thursday in New York.

The dollar dipped to 90.08 yen from 91.42 yen a day earlier.

A day after official data showed the United States exited recession, the market became concerned whether recovery will be sustained, analysts said.

The US government said Thursday that the economy posted a stunning 3.5 percent third-quarter growth after a year of contractions, the most rapid expansion in two years powered by government stimulus-led consumer spending.

"Yesterday’s surprising GDP report may have indicated that a more substantial recovery is underway, but a series of economic indicators from today showed that consumers will not be leading the rise," said Kathy Lien, director of currency research of Global Forex Trading.

"The idea that a consumer-led recovery may not be the case this time around is very troubling because it is unclear if there is any another sector that would be able to recharge growth like the consumers have in the past," she said.

Among several high-profile economic indicators that foreshadowed troubles ahead for the eurozone was German retail sales which fell for the second time in a row, Lien said.

US consumer spending, a critical growth driver, fell for the first time in five months in September, official data showed Friday amid fears the economy may slow just after exiting recession.

Household spending decreased $47.2 billion or 0.5 percent last month, as expected by most economists, following a revised 1.4 percent jump in August, the Commerce Department said. It was the biggest drop since December 2008.

Fears that the recovery could stall also dampened Wall Street Friday, with the blue-chip Dow Jones Industrial Average plunging 249.85 points or 2.51 percent to finish at 9,712.73, wiping out the nearly 200 points chalked up a day earlier.

Oil prices also plunged as investors bailed out of relatively risky assets to seek safe haven in the greenback.

Currency volatility is likely to remain high in the coming week as four central banks – the US Federal Reserve, the Bank of England, the European Central Bank the Reserve Bank of Australia – are to hold key meetings that could include policy decisions, said Terri Belkas of Forex Capital Markets.

The Fed's policy making body is widely expected to leave the fed funds target range at zero to 0.25 percent until early 2010, she said.

In late New York currency trading, the pound fell to 1.6440 dollars from $1.6561 a day earlier.

The dollar rose to 1.0260 Swiss francs from 1.0183 Swiss francs.