Dollar rebounds as GDP revised up, paring transitory weakness

New York: The dollar was on track to end the week essentially unchanged after gaining Friday as US first-quarter economic growth was revised higher, potentially soothing Federal Reserve concerns over “transitory weakness.”

The greenback was up less than 0.1 per cent for both the day and week, reversing overnight losses sustained as markets turned somewhat risk-averse ahead of long holiday weekends in both the UK and the US Dollar gains were paced by a sharp drop in the pound, offset by losses versus the yen as stale yen shorts were unwound.