Western Union:The dollar pared session losses after U.S. growth fared a little better than expected. The world’s top economy shrank 0.7 percent annually in the first quarter which was a notch better than forecasts of -0.8 percent. Weather related factors were partly behind the economy’s underwhelming performance. What matters most for markets is the perceived road ahead for the U.S. economy rather than the look in the rear-view mirror. The U.S. economy already appears in better shape following news this week of healthy business spending and an uptick in consumer confidence. The dollar faces a huge initial week of June with America’s influential jobs report due Friday and forecast to show an increase of 227,000 a few thousand more than last time.
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