Foreign exchange trading was muted on Friday (Mar 25) as many markets were shuttered for the Easter holiday, but the dollar earned a boost from a better-than-expected upgrade of fourth quarter US growth.
The revision showed consumer spending and housing sales were better than originally thought, and the slowdown in exports not as bad, as the year closed.
The implication was a US economy with stronger underpinnings that economists expect to pick up by the second half of this year after the oil sector bottoms out.
“The final look at the 2015 GDP growth underlines the key dynamics of the economy: consumer spending and housing are keeping the economy going, despite major drags from net exports, capital spending and an inventory cycle,” said Nariman Behravesh, chief economist at IHS.
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