Markets:
Gold down $28 to $3287US 10-year yields down 1.2 bps to 4.16%WTI crude oil down $2..26 to $58.17 -- lowest close since 2021S&P 500 up 0.1%The rates market shifted dovishly after weaker GDP and ADP but the dollar rose anyway.
It was a busy news day and the US dollar was strong against European currencies but sagged during the day against the commodity currencies. Equities also made a huge comeback from -2% to flat. That's the kind of move you would expect on positive trade news but there wasn't much, aside from a Chinese report saying that US officials had called to talk, and most of the moves came before that report.
Month end is an obvious culprit and a convincing one. Some might point to higher inflation in the GDP report as a catalyst but the PCE data showed a decelerating trend in the quarter with core PCE at +0.337% in January, +0.498% in February, and +0.028% in March. In addition, oil prices just wrapped up a catastrophic month, which is deflationary pressure. Still, lower inflation is hardly a USD catalyst, unless your main worry is that the Fed is so far behind the curve that a brutal recession looms.
The loonie got a lift from Trump's positive comments about Carney and the planned visit with the newly-elected Canadian PM.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about forexlive americas fx news wrap us gdp dips into negative territory was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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