Prices mostly rise on weak dollar and US economy
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COMMODITIES mostly rose last week in holiday-shortened trade, with oil and base metal prices rebounding as the dollar sank on weak US economic growth and the uncertain interest rate outlook.
The world's biggest economy posted first quarter GDP growth of just 0.2 per cent, well below the 1.0 per cent rate forecast by analysts and sharply down from the 2.2 per cent pace in the previous three months.
"On the macroeconomic front, we received poor US economic data which added further pressure to the US dollar," noted Sucden analyst Myrto Sokou. "The softer dollar provided upside momentum for most commodity prices."
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