Data earlier showed that declined 2.0% in March, compared to expectations for a 0.8% fall. Earlier Friday, data showed that rose 0.1% in March, confounding expectations for a 0.3% fall. The U.S. Bureau of Economic Analysis said rose 0.7% in the first quarter, down from the 2.1% growth rate registered in the fourth quarter of 2016. Dollar eases off session lows but remains under pressureInvesting.com - The dollar trimmed losses but remained within close distance of a five-month trough against other major currencies on Friday, after the release of disappointing U.S. economic growth data and as concerns over U.S. politics continued to weigh. A separate report showed that rose by an annualized rate of 0.2% last month, below expectations for a 0.3% gain.
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Forex News – UK GDP growth slows more than expected in Q1; pound shrugs off data
Forex News – UK GDP growth slows more than expected in Q1; pound shrugs off dataPosted on April 28, 2017 at 10:49 am GMT by the XM Investment Research DeskFacebook Google Plus TweetThe UK economy slowed more-than-expected during the first quarter of the year as the dominant services sector posted its weakest growth in two years. The main reason for the weakness in the services sector was a cutback in spending by British consumers, which impacted several service industries. Overall, the services sector grew by just 0.3%, down from 0.8% in the previous quarter. On an annual basis, growth improved from 1.9% in the fourth quarter to 2.1% in the first quarter. The strongest growth came from the manufacturing sector as the fall in the value of the pound after June's Brexit referendum boosted UK exports.
Further supporting the euro today were better-than-expected retail sales numbers out of Germany. Further supporting the dollar today was a stronger-than-expected reading for the Chicago PMI. Forex Market Review (European Session) – Euro and pound shine; dollar firm despite disappointing US GDP dataPosted on April 28, 2017 at 2:31 pm GMT by the XM Investment Research DeskFacebook Google Plus TweetThe euro and the pound outperformed other currencies in Friday's European session, while dollar traders looked beyond disappointing US GDP figures to drive it higher versus the yen. Traders shrugged off disappointing GDP data out of the UK today. In other data, Canadian monthly GDP figures and producer prices did little to boost the battered loonie.
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