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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.
USD Image, pixabay
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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.

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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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Apple Music On Lead Over Its Rival Spotify In All Market: Report

Trial users were not part of the comparison, the report added.

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Apple Music now has more than 45 million subscribers world-wide, with an additional 5-10 million free trial users.
Apple Music now has more than 45 million subscribers world-wide, with an additional 5-10 million free trial users. Pixabay

With more than 20 million paying users in the US, Apple Music has just taken the lead over its rival Spotify in an all-important market, the media reported.

Spotify still leads outside of the US, tallying 75 million subscribers as part of its first earnings report in May.

“The source, a US-based, major distributor, shared a report detailing the subscriber tallies of several streaming music services, including Apple Music, Spotify, Tidal, and Sirius XM. That report now ranks Apple Music as first in the US, at least among primarily on-demand music streaming services,” the Digital Music News recently reported.

Spotify Music still leads outside of the US, tallying 75 million subscribers as part of its first earnings report in May.
Spotify Music still leads outside of the US, tallying 75 million subscribers as part of its first earnings report in May. Pixabay

The data for 2018 also shows that Apple is experiencing a far stronger rate-of-growth in the US, suggesting a wider lead over the coming months.

Trial users were not part of the comparison, the report added.

Apple Music now has more than 45 million subscribers world-wide, with an additional 5-10 million free trial users.

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The iPhone maker’s free trials last about three months while Spotify says it has more than 70 million paying subscribers globally, with roughly 160 million overall users. (IANS)

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