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.