Investing.com - The U.S. economy contracted less than initially expected in the first three months of the year, official revised data showed on Wednesday.
In a report, the Commerce Department said gross domestic product contracted at a seasonally adjusted annual rate of 0.2% in the three months ended March 31, in line with expectations and compared to a previous estimate of a 0.7% contraction.
The GDP price index fell by 0.1% in the first quarter, meeting forecasts and unchanged from an initial estimate of 0.1%.
EUR/USD was trading at 1.1209 from around 1.1208 ahead of the release of the data, GBP/USD was at 1.5750 from 1.5744 earlier, while USD/JPY was at 123.88 from 123.95 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 95.37, compared to 95.36 ahead of the report.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures indicated a loss of 0.35% at the open, the S&P 500 futures pointed to a drop of 0.25%, while Nasdaq 100 futures declined 0.2%.
Elsewhere, in the commodities market, gold futures traded at $1,174.90 a troy ounce, compared to $1,175.30 ahead of the data, while crude oil traded at $60.99 a barrel from $61.02 earlier.
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U.S. first quarter GDP revised to -0.2% from -0.7%
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