US: Real GDP contracts at an annual rate of 1.6% (final) in Q1
|- BEA revised annualized US GDP growth to -1.6% from 1.5% in previous estimate.
- US Dollar Index holds steady near 104.50 after the data.
The real Gross Domestic Product (GDP) of the United States contracted at an annual rate of 1.6% in the first quarter, the US Bureau of Economic Analysis (BEA) announced on Wednesday. This print came in slightly worse than the previous estimate and the market expectation for a decrease of 1.5%.
"The update primarily reflects a downward revision to personal consumption expenditures (PCE) that was partly offset by an upward revision to private inventory investment," the BEA explained in its press release.
Market reaction
This report doesn't seem to be having a significant impact on the dollar's performance against its rivals. As of writing, the US Dollar Index was posting small daily gains at 104.55.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.