US dollar gains after GDP contraction; other data point to solid economy

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The story "US dollar gains after GDP contraction; other data point to solid economy" was covered 9 hours ago by Channel News Asia, a news publisher based in Singapore.

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US dollar gains after GDP contraction; other data point to solid economy - Channel News Asia

Quick Summary:

NEW YORK :The U.S.dollar rallied against major currencies on a data-packed Wednesday after a report showed the world's largest economy shrank in the first quarter, worse than market expectations, but better than the dire predictions touted by some of the biggest U.S.banks.

In other reports, the National Association of Realtors' (NAR) Pending Home Sales Index, based on signed contracts, jumped 6.1 per cent to 76.5 last month.

Europe's shared currency, on the other hand, was on track to post its largest monthly gain since November 2022.Sterling fell 0.6 per cent to $1.3332.