April 26, 2019 / 1:02 PM / 24 days ago

Dollar slips after U.S. first quarter GDP data

FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration

NEW YORK (Reuters) - The dollar fell to a session low against a basket of currencies on Friday, after data showed U.S. economic growth accelerated in the first quarter, but the burst in growth was driven by trade and the largest accumulation of unsold goods since 2015, temporary factors that are likely to reverse in the coming quarters.

Gross domestic product increased at a 3.2 percent annualised rate in the first quarter, the Commerce Department said in its advance GDP report released on Friday. Growth was also boosted by an increase in government investment, which offset sharp slowdowns in consumer and business spending.

The index that tracks the greenback versus the euro, yen, sterling and three other currencies was down 0.14% at 98.064.

Against the yen, the dollar pared gains to trade at 111.66 yen, about flat on the day.

Reporting by Saqib Iqbal Ahmed

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