US economy shows signs of slowing with 1.1% growth in Q1.

The US dollar rose after weaker-than-expected Q1 GDP growth, but investors focused on the quarterly inflation number within the GDP report, which showed core personal consumption expenditure prices rose 4.9% in the first three months of the year, higher than the consensus figure of 4.7% and up from the fourth quarter figure. The greenback turned positive against the yen after the data, and was last up 0.3% at 134.04 yen. The dollar index rose 0.4% to 101.72. The Federal Reserve is still expected to raise interest rates by 25 basis points at next week's policy meeting.