Despite an earlier move higher, the US Dollar is struggling to maintain momentum in Asian trading after US GDP growth for the 4th quarter was upwardly revised to 2.1% annually, from 1.9%. Expectations that the US economy is growing helped propel the greenback higher, albeit briefly. Meanwhile, in Europe, the Euro recovered lost ground after an overnight slide on the heels of disappointing growth data. In Asia, China’s PMI manufacture readings for March showed an unexpected uptick to 51.8, while non-manufacturing PMI moved higher to 55.1.
As reported at 10:15 am (JST) in Tokyo, the EUR/USD was trading at $1.0686, a gain of 0.02%. The GBP/USD was higher at $1.2484, a gain of 0.13%. The USD/JPY pair was up 0.18% to trade at 112.0580 Yen.
A Look Ahead to UK GDP and EU CPI
Looking ahead to Friday, markets will await GDP data from the United Kingdom which is expected to remain flat for Q4 at 0.7% (quarter-over-quarter) and 2.0% (year-over-year). In the Eurozone, preliminary inflation data is due out for March and is expected to show a decline to 1.8% (year-over-year), while core inflation is forecast to remain flat at 0.9%.