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The US dollar was close to a 20-year high against the yen, but its value against the euro was the highest in more than five years as the US Federal Reserve (FRS) set to aggressively raise interest rates.
The US Department of Commerce released data on Thursday that the US gross domestic product (GDP) fell unexpectedly by 1.4% year-on-year in the first quarter of this year. The downturn surprised analysts who had forecast a 1.1% growth in the US economy.
The downturn in the US economy last quarter was fueled by the negative impact of the coronavirus omicron and declining government spending.
“Everyone on Wall Street knew that increased instability was expected in the first quarter, given the effects of the war in Ukraine, the impact of the omicron wave and inflation in the economy,” said Edward Moja, an analyst at OANDA.
The Dow Jones Industrial Average rose 1.9% to 33,916.39 points on Thursday, the Standard & Poor’s 500 rose 2.5% to 4,287.50 points and the indexNasdaq Composite “increased by 3.1% to 12,871.53 points.
London Stock Exchange index FTSE 100 rose 1.1% to 7509.19 points on Thursday, Frankfurt stock exchange index DAX 30 rose 1.4% to 13,979.84 points, while the Paris Stock Exchange index CAC 40 rose 1.0% to 6,508.14 points.
In the New York Stock Exchange, the price of WTI crude oil rose 3.3% to $ 103.36 a barrel on Thursday. The price of Brent crude oil rose 2.2% to $ 107.59 a barrel on the London Stock Exchange.
The euro fell from 1.0557 to 1.0509 dollars per euro on Thursday, the British pound fell from 1.2545 to 1.2468 dollars per pound, and the US dollar rose from 128.43 against the Japanese yen. up to 130.79 yen per dollar. The euro appreciated against the pound sterling from 84.15 to 84.25 pence per euro.
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