Dollar Advances Vs. Yen After GDP, Employment Costs Data

By Joseph AdinolfiMarketsMarketWatch Pulse

The dollar advanced against the yen on Friday while paring an earlier decline against the euro after preliminary data showed a modest expansion in U.S. economic growth during the first quarter. The dollar climbed 0.3% to 111.55 yen in recent trade, while the euro pared an earlier drop, buying $1.0926 in recent trade. The greenback traded at 111.26 yen and $1.0874 late Thursday in New York. The U.S. GDP expanded by 0.7% in the first quarter, just slightly below a consensus forecast of 0.8% from a survey of economists conducted by MarketWatch. Economic growth during the first quarter has been weak in recent years. Meanwhile, the employment cost index, a leading indicator for inflation, advanced 0.8% during the quarter, besting expectations for a 0.6% increase.

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