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Forex: Dollar holding weaker tone post-GDP

The dollar has remained on the backfoot after the weaker US GDP data seen earlier today, with the Q1 reading revised down further to -2.9% on an annualised basis.  Data on durable goods was also weaker.  The numbers did allow cable to touch the 1.70 level again, but profit-taking was seen into the close.  This fits with the price action seen yesterday, which was more prone to profit-taking, even though interest rate markets were not really impacted by Carney’s comments earlier in the day.  EURUSD has done slightly better in holding onto gains, having briefly pushed to the 1.3650 area.

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