US: Real GDP contracts at an annual rate of 1.6% (final) in Q1

• BEA revised annualized US GDP growth to -1.6% from 1.5% in previous estimate.
• US Dollar Index holds steady near 104.50 after the data.

The real Gross Domestic Product (GDP) of the United States contracted at an annual rate of 1.6% in the first quarter, the US Bureau of Economic Analysis (BEA) announced on Wednesday. This print came in slightly worse than the previous estimate and the market expectation for a decrease of 1.5%.

"The update primarily reflects a downward revision to personal consumption expenditures (PCE) that was partly offset by an upward revision to private inventory investment," the BEA explained in its press release.

Market reaction

This report doesn't seem to be having a significant impact on the dollar's performance against its rivals. As of writing, the US Dollar Index was posting small daily gains at 104.55.