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Currencies: U.S. dollar edges lower after stronger-than-expected China GDP data

The U.S. dollar was off slightly versus its biggest rivals Wednesday after data showed the pace of Chinese economic growth steadied in the first quarter, helping to soothe fears of a global economic slowdown.

The ICE U.S. Dollar Index DXY, -0.10% a measure of the currency against six major rivals, was off 0.1% at 96.918. The U.S. unit traded at 111.99 Japanese yen USDJPY, -0.04% down marginally from its level late Tuesday in New York trading at ¥112.02. The euro EURUSD, +0.1684% fetched $1.1308, up from $1.1283.

China’s economy grew 6.4% year over year in the first three months of 2019, according to government data, matching the pace of growth in the final quarter of 2018 and coming in slightly above expectations for an expansion of 6.3%.

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