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Forex News: Dollar Continues To Weaken Despite GDP Data

Dollar Continues To Weaken Despite GDP Data

06/29/2017 - 14:27:00 (RTTNews)

(RTTNews) - The dollar has continued to lose ground against its major rivals Thursday afternoon, despite an unexpected upward revision to first quarter GDP data this morning. Traders are awaiting readings on personal income, consumer sentiment and the Chicago PMI tomorrow morning.

Economic activity in the U.S. grew by more than previously estimated in the first quarter, according to revised data released by the Commerce Department on Thursday. The report said gross domestic product climbed by 1.4 percent in the first quarter compared to the previously reported 1.2 percent increase. Economists had expected GDP growth to be unrevised.

After reporting a modest uptick in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing another slight increase in initial jobless claims in the week ended June 24th.

The report said initial jobless claims inched up to 244,000, an increase of 2,000 from the previous week's revised level of 242,000. Economists had expected jobless claims to edge down to 240,000 from the 241,000 originally reported for the previous week.

The dollar is adding to its losses from the previous two sessions and has tumbled to over a 1-year low of $1.1440 against the Euro Thursday afternoon.

Eurozone economic confidence strengthened more than expected in June, survey data from the European Commission showed Thursday. The economic sentiment index rose to 111.1 in June, the highest since August 2007, from 109.2 in May. The expected reading was 109.5.

Germany's consumer price inflation increased unexpectedly in June, preliminary data from Destatis revealed Thursday. Inflation rose to 1.6 percent in June from 1.5 percent in May. Economists had forecast the rate to fall to 1.4 percent.

German consumer confidence is set to improve slightly in July, the market research group GfK said Thursday. The forward-looking consumer sentiment index rose 0.2 points to 10.6 in July. The expected score was 10.5.

The Bank of England needs to explore the possibility of raising interest rates if inflation continues to accelerate, the central bank's chief economist Andrew Haldane said Thursday.

"We need to look seriously at the possibility of raising interest rates to keep the lid on those cost of living increases," Haldane, who sits on the BoE's Monetary Policy Committee, told BBC during a visit to Wales.

"For now we are happy with where the rates are, we need to be vigilant for what happens next."

The buck has dropped to a 1-month low of $1.30 against the pound sterling Thursday afternoon, from an early high of $1.2936.

UK mortgage approvals increased slightly in May, figures published by the Bank of England showed Thursday. The number of mortgages approved in May totaled 65,202 compared to 65,051 in the previous month. Approvals were forecast to fall to 64,000.

The greenback reached an early high of Y112.924 against the Japanese Yen Thursday, but has since retreated to around Y111.940.

Retail sales in Japan were down a seasonally adjusted 1.6 percent on month in May, the Ministry of Economy, Trade and Industry said on Thursday. That missed forecasts for a decline of 1.0 percent following the 1.4 percent increase in April.

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