- POSTED: 30 May 2014 06:05
The dollar slipped against the euro after a sharply downwardly revised estimate of US economic growth but encouraging data on the recovering labour market.
NEW YORK: The dollar slipped against the euro on Thursday after a sharply downwardly revised estimate of US economic growth but encouraging data on the recovering labour market.
A day after hitting a 15-week high against the euro, the greenback pulled back, pushing the euro to $1.3601.
Foreign-exchange traders weighed revised Commerce Department data showing the US economy contracted in the first quarter by 1.0 percent, double the amount analysts estimated.
But analysts pointed out the slowdown, mainly winter weather-related, set the stage for a strong rebound in the second quarter.
New claims for unemployment insurance benefits fell sharply last week to 300,000, pulling the trend line to its lowest level in nearly seven years.
Forex trade was "pretty thin with parts of Europe out for the Ascension Day holiday," said XE Market Analysis.