The U.S. dollar was seen holding its ground across some of the currency pairs despite the U.S. first quarter GDP report showing a downside revision. Data from the Commerce department showed that the first quarter GDP in the U.S. increased at a pace of 2.0% compared to the previous estimates that suggested the economy increased at a pace of 2.2%.
The greenback shed some losses but quickly recovered on the day.
The economic calendar is somewhat busy today with the data from the Eurozone covering the French consumer spending and the preliminary inflation reports. This is later followed by the preliminary inflation figures for the Eurozone.
In the UK, the current account figures are expected followed by the final revised GDP for the first quarter of the year.
Economists polled expect to see no change which could confirm that the UK’s economy grew at one of the slowest paces of just 0.1%.
In the U.S. trading session, the core PCE price index is expected to show a 0.2% increase on the month while personal spending and income are expected to rise 0.4% each.
