Dollar Strengthens After GDP Report

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The dollar strengthened against the euro and the yen after the initial third-quarter gross domestic product report showed that the U.S. economy didn't contract as much as experts feared during the last three months.

The economy shrank at a 0.4% annual pace last quarter, beating the consensus forecast calling for a 1% decline. The dollar rose to 89.92 cents per euro, up from 90.46 Tuesday. The greenback fetched 122.64 yen, compared with 122.08 in the prior session.

Britain's pound was trading at $1.4540, compared with $1.4549 Tuesday. The Australian dollar was stable, but the Canadian dollar was weaker. The euro changed hands at 110.22 yen.