Dollar Slides as U.S. Growth Falls Short of Forecast; Yen Climbs
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The dollar fell versus the majority of its 16 most-traded peers after U.S. gross domestic product increased less than forecast in the first quarter, adding to concern the world’s biggest economy is struggling to grow.
The yen climbed against the greenback, gaining for the first week since March, as investors sought safety and the Bank of Japan failed to outline additional stimulus efforts. The GDP report damped bets the Federal Reserve will slow the pace of its bond buying under quantitative easing. Sweden’s krona rose for a third day against the euro.