The dollar experienced broad-based weakness today after the release of disappointing U.S. GDP figures. The data revealed a significant deceleration in economic expansion, leading market participants to scale back expectations for aggressive monetary tightening by the Federal Reserve. This, in turn, diminished the appeal of dollar-denominated assets.

The euro gained ground against the dollar, as did the British pound and the Japanese yen. Analysts attributed the dollar’s decline primarily to the GDP report, which highlighted concerns about the sustainability of U.S. economic growth in the face of rising interest rates and energy prices. The market will be closely watching upcoming economic data releases for further clues about the Fed’s policy intentions.