Dollar firms after GDP data, sterling shaken by polls
New York
THE dollar rose on Friday after upbeat US gross domestic product data, while sterling suffered its worst fall since mid-January after a poll showed a narrowing lead for the ruling Conservatives before elections next month. The dollar index, which tracks the greenback against six major rivals, was up 0.18 per cent to 97.423, after rising to a one-week high of 97.548, earlier in the session.
The US economy slowed less than initially thought in the first quarter. Gross domestic product increased at a 1.2 per cent annual rate instead of the 0.7 per cent pace reported last month, the Commerce Department said on Friday. "The GDP figure was a pleasant surprise. I don't think markets were looking for a revision this big," said Sireen Harajli, FX strategist at Mizuho in New York.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
OCBC CEO confident on 2024 performance as Q1 profit rises 5% to S$1.98 billion
Europe’s rush for rate cuts shifts global market power away from US
A$90 billion Australia pension reviews investments as Israel-linked firms face pressure
JPMorgan says India index inclusion on track, clients ready
SoftBank sells off Vision Fund assets as Son pivots to AI, chips
Gold set for best week in five on renewed US rate-cut hopes