Dollar Firms After GDP Revised Upwards
DOW JONES & COMPANY, INC. 10:23 AM ET 5/26/2017
The dollar rose Friday after a measure of U.S. economic growth was revised higher for the first quarter of the year.
The WSJ Dollar Index, which measures the U.S. currency against 16 others, rose 0.1% to 88.90.
Gross domestic product, a broad measure of the goods and services produced in the U.S. economy, rose 1.2% in the first quarter, compared to last month's estimate for 0.7% growth. Though that represented a slowdown from the fourth quarter's 2.1% growth rate, it was still above consensus expectations.
"The dollar has been looking a bit more stable," said Shaun Osborne, chief FX strategist at Scotiabank. "There were some positive nuggets in the GDP numbers."
A separate report from the Commerce Department showed demand for long-lasting factory goods fell in April, hinting at potential speed bumps for the manufacturing sector.
The dollar was also supported by selloff in the British pound. Sterling slid 1.1% against the dollar after the first opinion poll conducted since Monday's deadly bombing in Manchester showed the U.K.'s ruling Conservative Party lost ground to rivals ahead of a national election June 8.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
(END) Dow Jones Newswires
05-26-171023ET
Copyright (c) 2017 Dow Jones & Company, Inc.
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