Scoreboard: GDP shock

Wall Street closed higher despite GDP for the March quarter coming in much worse than expected, while the Australian dollar regained some ground to sit back above US94c.

It turns out the slump in US growth was much worse than anticipated. Growth for the March quarter fell 2.9 per cent -- the weakest growth outcome in about five years. This is a fairly sizable downward revision from the second estimate by the way, which initially showed a 1 per cent fall.

Driving the downward revision was weaker consumer spending, revised down to 1 per cent from 3.1 per cent -- and exports.

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