US dollar trims losses after stronger-than-expected growth data
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NEW YORK, Dec 23 : The U.S. dollar curbed its losses against the yen and euro on Tuesday, after data showed the world's largest economy posted higher-than-expected growth in the third quarter, reinforcing expectations the Federal Reserve will pause cutting rates at its January meeting.
Data showed that U.S. gross domestic product rose at a 4.3 per cent annualized rate in the last quarter, the first estimate from the Commerce Department's Bureau of Economic Analysis showed. Economists polled by Reuters had forecast GDP would rise at a 3.3 per cent pace in the third quarter.
Following the report, the dollar cut its losses against the yen to 156.11 yen, still down 0.6 per cent. The euro also slid, paring gains against the dollar to $1.1786, still up 0.2 per cent on the day.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama )
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