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US reports stellar 3.2% growth in Q1

US Q1 GDP

The U.S. economy reported a stellar growth in the first quarter, surpassing President Donald Trump’s 3 percent growth target, the advanced GDP reading released on Friday showed.

The world’s biggest economy expanded an annualized 3.2 percent in the January-March quarter, following a revised growth of 2.2 percent in the last quarter of 2018. Analysts had predicted a growth pace of 2.2 percent.     

The robust growth was driven by a pick up in trade and company inventories, which offset the slowdown in consumer spending and business spending on equipment.

The dollar index traded continued to trade lower at 97.76, resuming its ease from multi-month high of 98.04 hit on Thursday, as of 12:45 GMT.

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