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Forex - Dollar bounces back after upbeat U.S. GDP data

Published 05/26/2017, 08:45 AM
© Reuters.  Dollar regains some ground, U.S. data supports
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Investing.com - The dollar bounced back against other major currencies on Friday, helped by the release of better than expected U.S. economic growth data.

EUR/USD fell 0.22% to 1.1186, off session highs of 1.1235.

The U.S. Bureau of Economic Analysis said gross domestic product rose 1.2% in the first quarter, up from a previous estimate of 0.7% and compared to expectations for a growth rate of 0.9%.

A separate report showed that U.S. durable goods orders fell 0.7% in April, compared to expectations for a 1.2% drop.

Core durable goods orders, which exclude transportation items, slipped 0.4% last month, disappointing expectations for a 0.5% rise.

The greenback had weakened broadly after the minutes of the Federal Reserve’s May meeting released on Wednesday showed that the central bank could raise interest rates soon but that "it would be prudent" to wait for more U.S. economic data.

GBP/USD tumbled 0.90% to trade at 1.2825, the lowest since May 26.

A YouGov poll on Thursday showed that U.K. Prime Minister Theresa May's Conservative Party’s lead ahead of the June 8 election was reduced to five points.

USD/JPY declined 0.68% to 111.07, while USD/CHF held steady at 0.9729.

The Australian dollar was little changed, with AUD/USD at 0.7456, while NZD/USD advanced 0.73% to 0.7074.

Meanwhile, USD/CAD slipped 0.13% to trade at 1.3465, re-approaching the previous session’s five-week low of 1.3385.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.14% at 97.29.

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