Market News
US dollar advances after GDP declines; other reports point to still solid economy - REUTERS
Summary
- US GDP dragged down by imports; consumption still resilient
- US annual headline, core PCE slow in March
- US rate futures price in four cuts in 2025
NEW YORK, April 30 (Reuters) - The U.S. dollar firmed against major currencies on a data-packed Wednesday after a report showed the world's largest economy shrank in the first quarter, worse than market expectations, but better than the dire predictions touted by some of the biggest U.S. banks.
Gross domestic product (GDP) fell 0.3% in the quarter, a Commerce Department report showed in its first estimate, undermined by a surge in imports trying to front-load purchases ahead of the Trump administration's implementation of tariffs on most goods. Data showed that pre-tariff imports surged 41.3% in the first three months of the year.
