The dollar was licking wounds against peer currencies on Friday after a downward revision to U.S. GDP for the first quarter suggested room for rate cuts this...
TOKYO - The dollar was licking wounds against peer currencies on Friday after a downward revision to U.S. GDP for the first quarter suggested room for rate cuts this year, while investors braced for inflation data.
U.S Treasury yields, which had boosted the greenback to its highest since May 14 at 105.17 on Thursday as they marched to multi-week peaks, slipped on the revised GDP data. The dollar index, which measures the currency against six major peers, last consolidated around 104.76 after dipping as low as 104.63 overnight.
The market now prepared for the release of the Fed's preferred measure of inflation, the Personal Consumption Expenditures price index, for further indications on how the central bank might proceed with interest rate cuts later this year. Against the dollar, the yen was little changed even after data showed Tokyo core consumer prices, a leading indicator of nationwide figures, accelerated from the previous month to keep alive market expectations the central bank will raise interest rates this year.
After weakening briefly, the Japanese currency held around 156.77 per greenback, remaining off Wednesday's four-week low of 157.715 per dollar. Shares of Trump Media & Technology Group, the owner of social networking site Truth Social, slumped Thursday after former President Donald Trump was convicted in his hush money trial.Elon Musk is fine with offering Tesla shareholders personal tours to get them to vote on his multibillion dollar pay package, but letting them listen to analysts? Now that he can't tolerate.
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