OECD economy grew by 1.5% in Q1

Economies in the Organization for Economic Co-operation and Development (OECD) countries grew by 1.5 percent in the first quarter annually, the international body announced on Tuesday.

GDP growth rates were 1.2 percent in the European Union, 1.3 percent in the Eurozone, and 1.2 percent in the G7 group of seven most developed countries, according to the OECD announcement, reports Anadolu Agency.

Among the G7 countries, the highest growth rate was recorded by Canada, with 2.1 percent, while the German economy in the first quarter recorded a decline of 0.1 percent annually.

The OECD economy grew by 0.4 percent in the first quarter of every quarter.

Growth rates were 0.2 percent in the EU, 0.1 percent in the Eurozone, and 0.3 percent in the G7.

The dollar continued to strengthen against a basket of currencies

On world markets, the dollar’s worth versus a basket of currencies rose last week. The dollar registered growth for the second week, resulting from delays in the financial markets. Therefore, investors divert their capital to more unassailable investments.

The dollar index, which indicates the movement of the American value against the other six most significant world currencies, intensified last week by 0.4 percent to 103.08 points.

At the same time, the dollar was boosted by 0.8 percent versus the European currency, so the euro cost plunged to $1.0805.

The dollar exchange rate versus the Japanese currency climbed 1.7 percent to 137.95 yen.

The dollar’s second consecutive week is thanks to its position as a safe-haven currency in rocky times.

Wall Street and the world’s different major stock markets are whirling from uncertainty over negotiations between Democrats and Republicans in the US to increase the government’s debt ceiling.

An agreement must be achieved in Congress by June 1. The federal authorities will be capable of financing the work of some state institutions.

Fed officials’ statements regarding a possible further increase in interest rates to suppress inflation strengthened the dollar.

Thanks to this, the dollar index achieved its highest level in seven previous weeks by the middle of last week, and the money market calculated that there is a 40 percent chance that the Fed will increase key interest rates by 0.25 percentage points in June.