Dollar weakens on US GDP data

The main centrepiece of the day - the release of US GDP figures - saw the dollar weaken against major currencies after the figures came in in line with analysts' expectations. The world's largest economy grew by 2% on an annualised basis in the third quarter. The dollar pared gains against the euro, to $1.3891 after the figures, and extended losses against the yen, falling to 80.66yen. The pound strengthened marginally against the dollar - standing at $1.5961 shortly after the 1:30pm announcement, having been at $1.5901 at midday. US Treasuries also rallied after some elements of the GDP data were weaker than expected. The yield on the benchmark 10-year Treasury note fell to 2.65% from 2.66%.