U.S. dollar slips amid dismal data

U.S. dollar slips amid dismal data

Xinhua
29 Jul 2022, 02:14 GMT+

NEW YORK, July 28 (Xinhua) -- The U.S. dollar weakened in late trading on Thursday after data showed the U.S. economy contracted for the second straight quarter.

The dollar index, which measures the greenback against six major peers, fell 0.09 percent to 106.3490.

In late New York trading, the euro was down to 1.0178 U.S. dollars from 1.0198 dollars in the previous session, and the British pound decreased to 1.2148 U.S. dollars from 1.2166 dollars in the previous session. The Australian dollar was down to 0.6975 U.S. dollars from 0.7000 U.S. dollars.

The U.S. dollar bought 134.33 Japanese yen, lower than 136.48 Japanese yen of the previous session. The U.S. dollar was down to 0.9552 Swiss franc from 0.9593 Swiss franc, and it was down to 1.2822 Canadian dollars from 1.2834 Canadian dollars.

The U.S. gross domestic product (GDP) shrank at an annual rate of 0.9 percent in the second quarter after a 1.6-percent contraction in the previous quarter, the U.S. Commerce Department reported Thursday. Economists polled by The Wall Street Journal had forecast a 0.3 percent increase in second-quarter GDP.

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