By Hannah Lang
NEW YORK (Reuters) -The dollar fell on Thursday after revised data showed that gross domestic product, the broadest measure of economic activity, grew at slower pace than previously expected in the first quarter.
The Commerce Department reported the U.S. economy grew at an 1.3% annualized rate from January through March, down from the advance estimate of 1.6% after downward revisions to consumer spending.
The downgrade of first-quarter growth followed recent softness in readings of retail sales and equipment spending, which had contributed to easing bets on Federal Reserve interest rate cuts.
“This is definitely something that the Fed was looking for. All of these figures coming in below expectations … is taking a bit of heat off of the Fed,” said Helen Given, FX trader at Monex USA.
A two-day, 15-basis point jump above 4.6% for long-term Treasury yields had helped push the dollar to a two-week high on Wednesday…
