Business

Dollar steadies before inflation test; yen brushes off Tokyo CPI

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The dollar weakened against other currencies on Friday following a downward revision of the U.S. GDP for the first quarter, indicating a potential for rate cuts. Investors are also preparing for inflation data. The latest official data showed that the U.S. economy grew at a rate of 1.3% from January to March, lower than the initial estimate of 1.6%, due to revisions in consumer spending.

Focus

Oil Extends Decline With Supply in Focus Before OPEC+ Meeting

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il prices extended their decline for a third consecutive day amidst concerns of oversupply, as indicated by a key market gauge. The upcoming OPEC+ supply meeting on Sunday added to the uncertainty. Brent crude for August remained near $82 per barrel after experiencing a 1.9% drop on Thursday, while West Texas Intermediate traded below $78 per barrel. Both benchmarks are on track for a monthly decrease.

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Chile Hopes SQM-Codelco Deal to Proceed as Planned, Finance Minister Says

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Chile’s government has announced that SQM and Codelco will move forward with the signing of a binding lithium partnership by the self-imposed deadline of Friday, despite facing increasing challenges. Finance Minister Mario Marcel expressed his hope that the agreed deadlines would be met, emphasizing that a deal of this magnitude involves a comprehensive implementation process beyond the mere signing of a document.

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Consumers curb US economic growth in first quarter, inflation cools

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According to the Commerce Department, the U.S. economy expanded at a slower pace in the first quarter than previously thought. This was due to downward revisions in consumer spending and a decrease in a key measure of inflation. As a result, the Federal Reserve may consider cutting interest rates before the end of the year. Gross domestic product, which is a measure of economic activity, grew at an annualized rate of 1.3% from January to March, lower than the initial estimate of 1.6% and significantly slower than the 3.4% growth in the last quarter of 2023.