US GDP: The US dollar is the safe choice amid pandemic impact

Normality disappeared quickly in the US as activity contracted for the first time five years. The US dollar could benefit as safety trade may see new life, in the opinion of FXStreet’s analyst Joseph Trevisani.

Key quotes

“US first-quarter GDP came weaker than anticipated at -4.8% as job and consumption losses mount.”

“With the world’s largest economy contracting 4.8% in the first quarter and the second largest, China sliding 6.8%, the economic and financial uncertainty that must follow will keep the greenback verdant until a path out of the pandemic forest is found.”