US GDP growth softer,PCE ticks higher - USD weakens
US annualized GDP for the 1st quarter of 2012 came out at 2.2% easing from the previous 3.0%; actual reading was also lower than the consensus.
Personal Consumption rose to 2.9% from the previous 2.1% - the actual figure was also higher than the expected 2.3%. PCE core rose as well but was in line with expected levels.
The USD weakened soon after the data hit the wires. The EUR/USD topped highs of 1.3270 while the USD/JPY slipped to day’s lows of 80.49.
Shortly US Michigan consumer sentiment will be announced as well.
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