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U.S. dollar slumps on weak GDP report

Xinhua, July 30, 2016 Adjust font size:

The U.S. dollar declined against other major peers on Friday after data showed the country's second quarter economic growth came in worse than expected.

U.S. real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the second quarter of 2016, well below market consensus of 2.6 percent, according to the advance estimate by the Commerce Department Friday.

The department emphasized that the second-quarter advance estimate is based on source data that are incomplete or subject to further revision by the source agency. The second estimate for the second quarter, based on more complete data, will be released on Aug. 26.

On other economic news, the final reading of consumer sentiment index published by Thomson Reuters/University of Michigan came in at 90.0 for July, missing market consensus.

Analysts said the downbeat economic growth dented market expectation for an interest-rate hike in the near future.

The dollar index, which measures the greenback against six major peers, was down 1.17 percent at 95.603 in late trading.

In late New York trading, the euro rose to 1.1166 dollars from 1.1073 dollars in the previous session, and the British pound climbed to 1.3239 dollars from 1.3154 U.S. dollars in the previous session. The Australian dollar inched up to 0.7598 dollar from 0.7499 dollar.

The U.S. dollar bought 102.05 Japanese yen, lower than 105.44 yen of the previous session. The U.S. dollar fell to 0.9694 Swiss franc from 0.9813 Swiss franc, and it slipped to 1.3047 Canadian dollars from 1.3175 Canadian dollars. Enditem