Dollar Remains Lower After GDP Report
The dollar remained lower against its main rivals Thursday after a report on first-quarter gross domestic product came in slightly below expectations. GDP grew at a rate of 0.5%, slightly below a consensus forecast for 0.7% growth from a survey of economists conducted by MarketWatch. The dollar traded at 108.24 yen, compared with 111.53 yen late Wednesday in New York. The euro traded at $1.1347, compared with $1.1325 Wednesday. The pound traded at $1.4580, compared with $1.4539 Wednesday. The data -- which was foreshadowed by a series of weak economic reports, including a disappointing reading on March durable-goods orders released earlier in the week -- continued a trend of weak first-quarter growth that has emerged in recent years.
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