First Quarter GDP Data of the United States

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      The dollar rose on Tuesday as financial markets reopened after the Easter holidays and traders favored the dollar before the U.S. first-quarter GDP data were released on Friday.
The dollar index rose 0.34% to 97.622, its highest level since June 2017. The euro fell 0.33% to $1.1218 against the dollar after briefly breaking the $1.12 threshold for the first time in nearly three weeks.
New home sales jumped to nearly a year and a half high in March, supporting the dollar, according to data released Tuesday.
Analysts said the recent good news on retail sales and exports alleviated fears of a sharp slowdown in the U.S. economy.
"The dollar is certainly going well today," said Minh Trang, a senior foreign exchange trader at Silicon Valley Bank.
"The dollar has strengthened in all respects, and we see a decline in the overall trend of the euro," he said.
The U.S. first-quarter GDP data released on Friday may further prove that the U.S. is in a better position than other major economies, even though the current global economic expansion is nearing its end.
"There are not many fundamentals supporting the dollar, but more concerns about the rest of the world," said Alfonso Esparza, currency strategist at OANDA.
The U.S. plans to tighten its crackdown on Iranian oil exports from next month to push up oil prices this week, which is also good for the dollar, said Trang of Silicon Valley Bank.


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