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

Dollar Mixed After U.S. GDP Data

12/21/2018 - 09:22:00 (RTTNews)

(RTTNews) - The U.S. dollar exhibited mixed trading against its major counterparts in the European session on Friday, after a data showed that U.S. economy grew slightly less than previously estimated in the third quarter, reflected by downward revisions to consumer spending and exports.

Data from the Commerce Department showed that real gross domestic product surged up by 3.4 percent in the third quarter compared to the previously estimated 3.5 percent jump. The pace of GDP growth had been expected to be unrevised.

Separate data showed that U.S. durable goods orders rebounded in the month of November.

The Commerce Department said durable goods orders climbed by 0.8 percent in November after plunging by 4.3 percent in October. Economists had expected durable goods orders to jump by 1.6 percent.

Excluding a notable rebound in orders for transportation equipment, durable goods orders fell by 0.3 percent in November after rising by 0.4 percent in October. Ex-transportation orders had been expected to edge up by 0.2 percent.

The threat of a U.S. government shutdown intensified after President Donald Trump told House Republicans he is unwilling to sign a short-term spending bill approved by the Senate Wednesday night due to a lack of funding for his controversial border wall.

U.S. lawmakers face a midnight deadline to fund key government agencies such as the Department of Homeland Security, the State Department and the Interior Department.

The greenback held steady against its major counterparts in the Asian session, excepting the yen.

The greenback held steady against the yen, after retreating to 111.05 at 3:30 am ET. The pair ended Thursday's trading at 111.28.

The greenback that closed yesterday's trading at 0.9879 against the franc advanced to 0.9920. On the upside, 1.01 is likely seen as the next resistance for the greenback.

The greenback rose to 1.1400 against the euro, from an early low of 1.1474, and held steady thereafter. The pair was valued at 1.1445 when it ended Thursday's trading.

Data from the market research group GfK showed that Germany's consumer confidence is set to remain steady at the start of next year as households as the divide between expectations on overall economic situation and personal finances widened further.

The forward-looking consumer confidence indicator is set to show a reading of 10.4 in January, unchanged from December. Economists had forecast a score of 10.3 for January.

The greenback was trading in a positive territory against the pound with the pair trading at 1.2662. This follows a low of 1.2698 seen at 3:15 am ET. The greenback is poised to find resistance around the 1.25 mark.

The U.S. personal income and spending data for November and University of Michigan's final consumer sentiment index for December are due at 10:00 am ET.

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