Forex News

US economic growth beats forecasts

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U.S. economic growth for the first quarter came better than forecasts, giving further to support to the U.S. dollar, which is bracing for a strong weekly gain.

Advanced U.S. annualized GDP for the first three months of 2018 signaled a slowdown to 2.3 percent from an upwardly revised of 2.9 percent expansion in the fourth quarter. Analysts had estimated a growth pace of 2.2 percent.

As of 08:50 GMT, the dollar index widened its gains to 91.73, marking the highest level since January 11, set for a second consecutive weekly advance.

Next week, eyes will focus on U.S. non-farm payrolls and Federal Reserve’s rate decision and statement.

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