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US dollar index falls, tells latest GDP report

US gross domestic product (GDP) increased at a 2.3-percent annual rate for the first quarter of 2018, beating market consensus of a 2-per cent gain, but lower than the 2.9-percent growth rate in the previous quarter, the Commerce Department said on Friday.

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The US dollar bought 109.03 Japanese yen, lower than 109.37 Japanese yen of the previous session.
US dollar edges up amid economic data., Pixabay

The US dollar index decreased against most other major currencies after wavering between gains and losses, as investors digested the country’s newly-released economic growth report for the first quarter of 2018.

In late New York trading on Friday, the euro rose to $1.2123 from $1.2107 in the previous session, and the British pound was down to $1.3784 from $1.3923 in the previous session. The Australian dollar increased to $0.7581 from $0.7552, Xinua reported.

The dollar index, which measures the greenback against six major peers, was down 0.03 per cent at 91.537 in late trading.
US Dollar Image, pixabay

The US dollar bought 109.03 Japanese yen, lower than 109.37 Japanese yen of the previous session.

The US dollar fell to 0.9879 Swiss franc from 0.9893 Swiss franc, and it dipped to 1.2834 Canadian dollars from 1.2872 Canadian dollars.

US gross domestic product (GDP) increased at a 2.3-percent annual rate for the first quarter of 2018, beating market consensus of a 2-per cent gain, but lower than the 2.9-percent growth rate in the previous quarter, the Commerce Department said on Friday.

“As for growth, the quarter was actually pretty good despite the slowdown in headline GDP growth. It would have been 2.9 per cent if not for the hangover from Q4 storm-related spending on autos and home repair,” said Chris Low, chief economist at FTN Financial, in a note.

Also Read: Report: Indian Retailers Trust LAVA Brand The Most

On other economic news, the final reading of US Consumer Sentiment Index came in at 98.8 in April, above market estimates, according to a survey released by the University of Michigan on Friday.

The dollar index, which measures the greenback against six major peers, was down 0.03 per cent at 91.537 in late trading. (IANS)

 

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Instagram Launches Beta Version if its in-app Shopping Feature in US

Instagram's plans on rolling out the feature globally remain unclear

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FILE - The Instagram icon is displayed on a mobile screen in Los Angeles. VOA

Facebook-owned photo messaging app Instagram has launched the beta version of its in-app shopping feature in the US that would allow over a billion users to buy products tagged in images or videos without having to leave the platform.

Called “Checkout with Instagram”, the feature would allow US users to shop from over 20 brands including Adidas, Kylie Cosmetics and Warby Parker, without re-directing users to other websites.

“We will introduce a selling fee to help fund programmes and products that help make checkout possible, as well as offset transaction-related expenses,” TechCrunch quoted an Instagram spokesperson as saying on Tuesday.

The photo-messaging app would charge sellers making sales an undisclosed amount of fee.

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Instagram could help you reach your target audiences better through shares and other aspects of personal marketing.

“We aren’t sharing the specific number right now. We are testing a selling fee with businesses during the closed beta. It will not change the price of the items for consumers,” the spokesperson said.

Checkout tags would appear on feed posts, Stories and Explore content from the brands in the closed beta that Instagram plans to eventually open to more businesses.

Also Read- Apple Unveils New AirPods Designed to Deliver More Talk Time

For now, those who use Instagram’s shopping feature can pay with PayPal, Visa, Mastercard, American Express and Discover, the report added.

Instagram’s plans on rolling out the feature globally remain unclear. (IANS)