The dollar slumped to
multi-week lows against the euro and the yen on Friday after a
report showed U.S. economic growth cooled in the first quarter,
raising the prospect of further stimulus from the U.S. Federal
Reserve.
The weaker-than-expected growth showed businesses cut back
on investment and restocked shelves at a moderate pace at a time
when investors are worried that a lack of job creation will stem
consumer spending.
The euro was already higher after a smooth Italian bond
auction eased concerns over peripheral euro-zone debt markets.
The sale offset jitters sparked by a downgrade of Spain's
sovereign debt and dismal Spanish economic data.
The U.S. economic data added to the dollar's woes, sending
it to its lowest since mid-April against the yen.
"GDP was worse-than-expected, and that increases the chances
of the Fed launching QE3," said Daniel Hwang, senior currency
strategist at Forex.com in New York. "Markets shrugged off the
Spanish rating action, and we could see risk assets continue
upward momentum on expectations of a Fed move. This is negative
for the dollar as it increases QE3 chances."
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