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Forex News: Dollar Mostly Higher After Upward Revision To Q4

Dollar Mostly Higher After Upward Revision To Q4 GDP

03/30/2017 - 14:26:00 (RTTNews)

(RTTNews) - The dollar is rising against the Euro and the Japanese Yen Thursday afternoon, but is down against the British pound. Traders were encouraged by the upward revision to U.S. fourth quarter GDP data.

Gross domestic product in the U.S. increased by more than previously estimated in the fourth quarter of 2016, according to a report released by the Commerce Department on Thursday.

The report said real GDP climbed by 2.1 percent in the fourth quarter compared to the previously reported 1.9 percent increase. Economists had expected the pace of GDP growth to be upwardly revised to 2.0 percent.

While the Labor Department released a report on Thursday showing a modest drop in first-time claims for U.S. unemployment benefits in the week ended March 25th, claims still came in above economist estimates.

The report said initial jobless claims edged down to 258,000, a decrease of 3,000 from the previous week's revised level of 261,000. Economists had expected jobless claims to drop to 247,000 from the 258,000 originally reported for the previous week.

The dollar has broken out to a 2-week high of $1.0690 against the Euro Thursday afternoon, from an early low of $1.0767.

Eurozone economic confidence weakened marginally in March as the improvements in sentiment among consumers and builders were offset by declines in industrial and services sectors.

The economic sentiment index fell slightly to 107.9 in March from 108.0 in February, survey results from the European Commission showed Thursday. The score was forecast to rise to 108.3. Although the reading dropped unexpectedly, it remained close to the highest level since March 2011.

German inflation slowed to a four-month low in March, preliminary figures from Destatis showed Thursday.

The flash consumer price inflation eased more-than-expected to 1.6 percent from a 54-month high of 2.2 percent in February. Prices were expected to climb 1.8 percent. The March inflation was the weakest since November 2016.

The British pound is recovering some of yesterday's losses after Article 50 was enacted by UK Prime Minister May yesterday, triggering the beginning of the Brexit process.

The buck has dropped to around $1.2475 against the pound sterling this afternoon, from an early high of $1.24.

The greenback has rebounded to around Y111.490 against the Japanese Yen Thursday afternoon, from an early low of Y110.923.

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