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Forex News: Dollar Mixed After U.S. GDP Data

Dollar Mixed After U.S. GDP Data

08/29/2018 - 09:42:00 (RTTNews)

(RTTNews) - The U.S. dollar came in mixed against its major opponents in the European session on Wednesday, after a data showed that U.S. economic activity increased slightly more than initially estimated in the second quarter.

Data from the Commerce Department showed that the real gross domestic product climbed by 4.2 percent in the second quarter compared to the previously reported 4.1 increase. The pace of growth had been expected to be downwardly revised to 4.0 percent.

With the unexpected upward revision, the GDP growth in the second quarter reflects a significant acceleration from the 2.2 percent advance in the first quarter.

Traders focus on renewed trade talks between the U.S., Canada, and Mexico.

Canada rejoined the talks following President Donald Trump's announcement of a preliminary trade deal with Mexico on Monday.

In remarks to reporters on Tuesday, Canadian Foreign Affairs Minister Chrystia Freeland said "difficult" concessions by Mexico have set the stage for productive conversations in the coming days.

Freeland said she is due to engage into detailed discussions with U.S. Trade Representative Robert Lighthizer later today.

Investors await the National Association of Realtors' pending home sales data for July, due at 10:00 am ET. Pending home sales are expected to rise by 0.3 percent.

The currency was higher against most major rivals in the Asian session, as an unexpected uptick in the U.S. consumer confidence supported hopes that the Federal Reserve would continue its monetary policy normalization.

The greenback appreciated to a 5-day high of 111.39 against the yen, up from a low of 111.12 hit at 1:55 am ET. The greenback is poised to find resistance around the 113.00 level.

Survey data from the Cabinet Office showed that Japan's consumer confidence weakened further in August to the lowest level in a year.

The seasonally adjusted consumer confidence index dropped to 43.3 in August from 43.5 in July.

Pulling away from an early high of 0.9776 against the franc, the greenback edged down to 0.9752. The greenback is likely to challenge support around the 0.96 level.

Survey data from the investment bank Credit Suisse and the CFA Society Switzerland showed that optimism among Swiss financial analysts deteriorated sharply in August.

The investor confidence index declined by 10.3 points to -14.3 in August. The indicator remained negative for the second straight month.

The greenback held steady against the euro, after having advanced to a 2-day high of 1.1652 at 7:00 am ET. At yesterday's close, the pair was worth 1.1694.

Survey from the market research group GfK showed that Germany's consumer confidence is set to drop marginally in September.

The forward-looking consumer sentiment index dropped to 10.5 in September from 10.6 in August. The score was forecast to remain unchanged at 10.6.

The greenback eased to 1.2901 against the pound, from an early 2-day high of 1.2845, and held steady thereafter. On the downside, 1.32 is likely seen as the next support level for the greenback.

Data from the British Retail Consortium showed that UK shop prices increased for the first time in more than five years in August.

Shop prices edged up 0.1 percent in August, following a 0.3 percent drop in July. This broke a deflation cycle of 63 months.

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