In today’s trading, the U.S. dollar is getting cheaper against the Japanese yen and the euro amid data on the contraction of the U.S. economy in Q1.

The dollar-euro exchange rate stood at $1.0543 as of 9:17 Moscow time, compared to $1.0499 at market close on Thursday.

The Japanese yen rose at the same time to 130.28 yen per dollar against 130.825 yen the previous day. However, the yen remains at its lowest level since April 2002.

The index calculated by ICE, which shows the dollar’s performance against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), is down 0.32%, while the broader WSJ Dollar Index is down 0.39%.

U.S. GDP for Q1 2022 unexpectedly contracted 1.4% at an annualized rate, while analysts polled by Trading Economics had expected a 1.1% increase.

“The strong dollar is getting uncomfortable given the decline in quarterly GDP amid a record trade deficit. In fact, a record trade deficit accompanied by the highest inflation rate in 40 years and a flat bond yield curve rarely bodes well for any currency,” said Philip Wee of DBS Research.

The value of the British pound against the dollar rose to $1.2523 from $1.2457 by 9:17 a.m. Moscow time. The pound is still below its low for the year at $1.2542.