The U.S. economy rose only 3.5% in the first quarter, according to the Commerce Department. The index was revised from 3.1% estimated a month ago. Economists were expecting 3.7%. In the fourth quarter GDP rose 3.8%. Corporate before-tax profits increased 23.6% to a record $1.307 trillion. On year-on-year basis profits rocketed 35.9%, the fastest growth since 1987.

 

After the release of the data the euro rose to $1.2550 from $1.2520 before the release.