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Forex News: Dollar Climbing After Upward Revision To GDP

Dollar Climbing After Upward Revision To GDP

03/28/2018 - 15:26:00 (RTTNews)

(RTTNews) - The dollar is rising against all of its major rivals Wednesday afternoon. Investors were encouraged by today's upward revision to GDP for the fourth quarter. Traders are also looking forward to the release of weekly jobless claims data and consumer sentiment Thursday morning, ahead of the long holiday weekend.

Economic activity in the U.S. grew by more than previously estimated in the fourth quarter of 2017, according to a report released by the Commerce Department on Wednesday.

The report said gross domestic product climbed by 2.9 percent in the fourth quarter, reflecting an upward revision from the previously estimated 2.5 percent increase. Economists had expected the pace of GDP growth to be upwardly revised to 2.7 percent.

After unexpectedly reporting a sharp drop in pending home sales in the U.S. in the previous month, the National Association of Realtors released a report on Wednesday showing a bigger than expected rebound in pending sales in the month of February.

NAR said its pending home sales index jumped by 3.1 percent to 107.5 in February after plunging by 5 percent to a downwardly revised 104.3 in January. Economists had expected pending sales to climb by 2.1 percent.

The dollar slid to an early low of $1.2421 against the Euro Wednesday, but has since climbed to around $1.23.

German consumer confidence is set to improve in April, survey data from the market research group GfK showed Wednesday. The forward-looking consumer sentiment index rose unexpectedly by 0.1 point to 10.9 in April. The score was forecast to fall to 10.7.

France's consumer sentiment remained stable in March, survey results from the statistical office Insee showed Wednesday. The consumer confidence index held steady at 100 in March. The score also matched economists' expectations.

The buck has risen to around $1.4075 against the pound sterling this afternoon, from an early low of $1.42.

The greenback dipped to a low of Y105.421 against the Japanese Yen this morning, but has since broken out to a 2-week high of Y106.950.

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