The dollar has lost some of its strength against the euro and the pound but remains firm.
The US economy saw an “unexpectedly severe” decline in the first three months of 2022. US GDP fell by around 0.35% in January-March as rising inflation, covid-19 and supply chain problems all weighed on the economy.
US president Joe Biden has blamed “technical factors” for the country’s GDP decline.
“While last quarter’s growth estimate was affected by technical factors, the United States confronts the challenges of Covid-19 around the world, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength,” he said.
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