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Dollar resilience after weaker GDP

US GDP grew at 0.1% annualised in the Q1 advance release, lower than the expected 1.2%.  Note that the ADP release was a touch firmed than expected at 220k, with revisions also positive.  This, together with the fact that data has proven to be better since the weak first quarter, has limited the negative dollar reaction, with cable only 20 pips firmer on the release, USDJPY 25 pips lower to 102.30. EUR is up to intra-day high at 1.3860.

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