First quarter US GDP decreased 2.9%, compared to the previously estimated 1.0% drop. Economists had expected the revised data to show a 1.8% decrease.
Hurt by brutal winter weather that kept shoppers indoors, it was the worst quarter for economic growth since the first quarter of 2009.
Still, the dollar barely budged versus other major currencies. The buck was steady at
The dollar held its ground versus the sterling after decent gains in the previous session. The pair was at
Modest weakness left the dollar at
In other economic news, the
Durable goods orders fell by 1.0% in May following a 0.8% increase in April. The decrease came as a surprise to economists, who had expected orders to increase by another 0.4%.
Elsewhere, German consumer confidence is set to improve to the highest since 2006 in July, as economic expectations and willingness to spend strengthened after the
The forward-looking consumer sentiment index rose to 8.9 in July from a revised 8.6 points in June, survey data from market research group GfK showed Wednesday.
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