09:05 AM EDT, 05/30/2024 (MT Newswires) -- The US dollar fell further into the red against most major currencies and government bond yields declined in early North American trade Thursday after Q1 GDP growth was revised lower and core PCE prices came softer than expected.

EUR/USD and GBP/USD rose to new intraday highs of 1.2721 and 1.0822, respectively, while pairs like USD/JPY and USD/CHF extended declines after Q1 GDP was revised to 1.3% from 1.6%.

Headline GDP was in line with expectations and accompanied downward revisions to estimates of consumer spending, private inventory investment, and federal government spending.

Meanwhile, core PCE price growth was weaker than expected at 3.6% versus the consensus of 3.7%. Core PCE is the Fed's preferred benchmark of inflation.

Weaker PCE prices may imply scope for downward revisions to earlier readings of the Core PCE price index when data for April are released at 8:30 am ET on Friday. The index is expected to rise 0.3% MoM and 2.8% YoY in April.