ForexLive North American wrap: GDP disappoints

  • Q1 US GDP 2.2% vs 2.5% exp
  • Final U Mich consumer sentiment 76.4 vs 75.7 exp
  • Q1 US consumer spending beats estimates at +2.9%

  • Spanish govt doesn’t see jobs growth until 2014
  • De Jager says Dutch will approve EU fiscal compact
  • Spain to hike VAT in 2013
  • Ireland makes lower GDP forecast official
  • Polls put Hollande 10 points ahead
  • S&P 500 gains 0.25% to 1403
  • S&P 500 gains 1.8% on week
  • NZD leads on day, USD lags
The US dollar slumped across the board on Friday despite a major downgrade in Spain and QE in Japan. EUR/USD hit 1.3270 in early US trading — the highest since early April. The pair chopped along sideways until a slump to 1.3237 in last-minute trading.
USD/JPY closes at the lows of the week. The dollar fell after the GDP data and slowly continued lower to 80.36.
Cable tacked on another 20 pips in US trading to 1.6259 after running as high of 1.6280 after stops were tripped.
AUD/USD made steady gains in the session, climbing above 1.0470 before settling 10 pips lower.


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