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2019.04.1716:49:00UTC+00Dollar Stays Mostly Weak Against Major Rivals

The dollar exhibited slight weakness against most of its key rivals on Wednesday, as global growth worries eased a bit after data showed China's GDP saw a steady growth in the first quarter of 2019.

The dollar index dropped to a low of 96.82 before recovering to around 97.00, still trailing previous close.

Against the Japanese Yen, the dollar showed strength. A dollar fetched 112.17 yen at the day's high, recovering from a low 111.92 yen. It was last seen hovering around 112.10, up marginally.

The dollar was lower by about 0.12% against the euro, trading at 1.1297, up from previous close of $1.1282 and the day's low of 1.1325.

The British Pound Sterling fetched $1.3039, slightly down from previous close.

Among other currencies, the loonie was up slightly at $1.3343 and the Swiss franc was weak against the greenback, with the USD/CHF pair trading at 1.0108.

Against the Swedish currency, the dollar pared some earlier gains. The Krona was quoting at 9.2447 a dollar, down 0.14% from previous close of 9.2546.

Against the Aussie, the dollar was down marginally, with strong Chinese GDP data supporting the Australian currency.

In economic news from China, GDP grew an annual 6.4% in the first quarter of 2019, unchanged from the fourth quarter and beating forecasts for 6.3%.

Retail sales climbed 8.7% year-on-year in March - beating expectations for an increase of 8.4% and up from 8.2%.

Fixed asset investment rose 6.3% in the first quarter, in line with expectations and up from 6.1% in the previous quarter.

The Beige Book, released by the Federal Reserve today said U.S. economic activity expanded at a slight-to-moderate pace in March and early April.

While most districts reported that growth continued at a similar pace as the previous report, the Fed said a few districts reported some strengthening.

In economic news from the U.S., a report released by the Commerce Department showed an unexpected drop in U.S. trade deficit in the month of February amid a jump in the value of exports.

The Commerce Department said the trade deficit narrowed to $49.4 billion in February from $51.1 billion in January, while economists had expected the deficit to widen to $53.5 billion.

The Beige Book showed reports from the Fed districts indicated generally positive conditions in various sectors but noted some caveats.

Reports on manufacturing activity were favorable, even as contacts in many districts noted trade-related uncertainty.

Similarly, reports of stronger home sales in most districts were tempered by indications of low demand for higher-priced homes.

On employment, the Fed said there was increase nationwide. "While contacts reported gains across a variety of industries, employment increases were most highly concentrated in high-skilled jobs," the central bank said. "However, labor markets remained tight, restraining the rate of growth."

Looking ahead, the Fed said there was little change in the economic outlook.

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