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Dollar slides and the rebounds after US Q1 GDP misses estimates and here is why

The US Q1 GDP data has just hit the screens and it has badly missed on estimates. GDP rose by an estimated 1.6%, which was way lower than the 2.5% expected and well below the rate of growth in Q4 2023. This is the first estimate for US Q1 growth and as such open to revision in the weeks ahead. The GDP price index was higher though, at 3.1%. Core prices rise by even more, at 3.7%, where a 3.4% rise was forecast. The dollar has lurched lower initially on this news, but it is rising back now as US yields rise again. The EUR/USD is now trading back below the 1.0700, from an initial spike to just above 1.0740 

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