WASHINGTON (dpa-AFX) - Following the release of preliminary data on U.S. first quarter GDP, the U.S. dollar turned in a mixed performance on Friday.
The U.S. dollar is trading at 111.64 yen compared to the 111.63 yen it fetched at the close of New York trading on Thursday. Against the euro, however, the dollar is valued at $1.1150 compared to yesterday's $1.1132.
The mixed performance comes as traders react to the Commerce Department's preliminary reading on first quarter GDP.
While the report showed an unexpected acceleration in GDP growth in the first quarter, economists expressed concerns about the underlying data.
The Commerce Department said real gross domestic product jumped by 3.2 percent in the first quarter after climbing by 2.2 percent in the fourth quarter of 2018.
The acceleration in the pace of growth came as a surprise to economists, who had expected GDP to increase by 2.1 percent.
Paul Ashworth, Chief U.S. Economist at Capital Economics, said the much stronger than expected GDP growth would seem to 'make a mockery of claims that the U.S. economy is slowing as the fiscal stimulus fades.'
'After all, 3.2% is well above the economy's 2% potential pace and the 2.2% gain in the final quarter of last year,' Ashworth said. 'Looking beyond the headline number, however, there are plenty of causes for concern.'
Ashworth predicted positive contributions from net trade, inventories and highways investment will all be reversed in the coming quarters and continues to expect overall growth to slow this year.
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