Economic activity in the US decreased by much more than previously estimated in the first quarter of 2014, according to a report released by the
The report showed that US gross domestic product tumbled by 2.9% in the first quarter compared to the previously estimated 1.0% drop. Economists had expected the revised data to show a 1.8% decrease. The much steeper than previously estimated drop primarily reflected downward revisions to consumer spending and exports and an upward revision to imports.
The greenback depreciated by 0.3% to 1.3650 against the euro, its weakest since
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 today.
The greenback lost 0.3% to hit near a 3-week low of 0.8909 against the Swiss franc, compared to Tuesday's closing value of 0.8935. The next possible downside target for the greenback-franc pair lies around the 0.88 mark.
Having advanced to a 1-week high of 1.6951 against the Sterling earlier, the greenback moved down to 1.7003 shortly after the data. The greenback is likely to find downside target around the 1.71 area. The pair was trading at 1.6983 when it closed deals yesterday.
The greenback fell to 101.62 against the yen, its lowest since
The greenback reversed from early 1-week high of 0.9353 against the aussie, declining to 0.9397. If the greenback extends its decline, it may find support at the 0.945 mark. At Tuesday's close, the pair was worth 0.9366.
The greenback fell to a 2-day low of 0.8729 against the NZ dollar, following a weekly high of 0.8661 hit in early deals. The greenback may find downside target around the 0.88 region.
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