The dollar strengthened holding ground against its peers today following the release of data which revealed that the US economy shrunk at a rate less than originally gauged for the 1st quarter.  US GDP reduced by a rate of 0.2% for the 1st quarter matching forecasts following an original estimate of a 0.7% reduction.  The US dollar index held its ground near 95.62 coming off lows set earlier in the session of 95.13.

The euro weakened against the dollar to find support at 1.1174 after coming off of highs of 1.1235 reached earlier in the session.  Market outlook was vulnerable when news surfaced of Greece’s most recent proposed reforms being turned down by its creditors.  The euro had overlooked data released earlier in the session which revealed that German business confidence declined to its lowest level in 4 months in June.  German research institute Ifo reported that its business climate index dropped from a reading of 108.5 in May to 107.4 in June while experts forecasts a decrease to 108.1.

The pound weakened against the dollar with the pair trading at 1.5698 coming off highs of 1.5802 set earlier in the session.  The pound was supported as the market anticipated final figures to be released on US GDP for the 1st quarter.  

The yen had weakened against the dollar with the pair up 0.34% hitting a session high of 124.36.  The yen has since regained ground against the greenback with the pair trading at 123.85.  The pair is back to trading within a tight range of less than 1 big figure.    

The Australian and Canadian dollars weakened against the greenback.  The Aussie was down over 0.5% hitting a session low of 0.7683.  The loonie declined 0.5% against the dollar with the pair trading at 1.2399 as the greenback pared losses on the back of US GDP data.  The kiwi dollar held its ground against the greenback with the pair trading steadily at 0.6858.  

Disclaimer:  This information has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information.