The dollar languished near a six-week low to the yen amid a sharp retreat in Treasury yields after investors interpreted a shrinking U.S. economy as one more reason for the Federal Reserve to ease its foot off the tightening pedal.
U.S. second-quarter gross domestic product contracted at a 0.9% annualized rate, according to the Commerce Department's advance estimate, released Thursday. That followed a first-quarter contraction of 1.6%.
He warned, like many analysts have this week, that the market's "conclusion that the Fed has lost some of its hawkishness debatable." Meanwhile, the euro was flat at $1.01945 after a see-saw session on Thursday that ultimately ended with it little changed.
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