US Dollar Recovers after Massive Selloff ahead of FOMC and Payrolls

US dollar recovered a bit but the downtrend remains. The volatility probably diminishes ahead of the FOMC meeting. The first estimate of 4Q17 US GDP growth surprised to the downside as the +2.6% gain was weaker than consensus of +3%. However, the underlying trend remains strong. Growth was led by private consumption and investment spending, contributing +3.8 percentage point to overall growth in total.

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