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Forex News: Dollar Retreats After U.S. Economic Growth Slows

Dollar Retreats After U.S. Economic Growth Slows

01/27/2017 - 09:20:00 (RTTNews)

(RTTNews) - The U.S. dollar trimmed its early gains against its major counterparts in the European session on Friday, as data showed that the U.S. economy grew less-than-expected in the fourth quarter and durable goods declined unexpectedly in December.

Data from the Commerce Department showed that U.S. economic growth slowed more than anticipated in the final three months of 2016.

The report said gross domestic product increased by 1.9 percent in the fourth quarter following a 3.5 percent jump in the third quarter. Economists had expected GDP to climb by 2.2 percent.

Data from the Commerce Department showed an unexpected drop in new orders for durable goods in the month of December, driven by a continued decrease in orders for transportation equipment.

The Commerce Department said durable goods orders fell by 0.4 percent in December after tumbling by a revised 4.8 percent in November.

Investors now await the University of Michigan's revised report on consumer sentiment in January, due at 10:00 am ET.

The consumer sentiment index is expected to be unchanged from the preliminary reading of 98.1, which was down slightly from 98.2 in December.

The greenback was higher in the Asian session, amid continued optimism over the U.S. President Donald Trump's new policy proposals.

In European deals, the greenback eased to 1.0709 against the euro, 1.2561 versus the pound and 0.9986 against the franc, from its early session's high of 1.0658, 2-day high of 1.2516 and a weekly high of 1.0028, respectively. The greenback is likely to locate support around 1.08 against the euro, 1.27 against the pound and 0.985 against the franc.

The U.S. currency eased to 0.7272 against the kiwi, 1.3094 against the loonie and 0.7557 against the aussie, from its early high of 0.7232, session's high of 1.3131 and an 8-day high of 0.7511, respectively. The greenback may find support around 0.735 against the kiwi, 1.29 against the loonie and 0.765 against the aussie.

On the flip side, the greenback resumed its early rally against the Japanese yen, touching a weekly high of 115.38. Continuation of the greenback's uptrend may see it challenging resistance around the 118.00 mark.

Looking ahead, U.S. Baker Hughes rig count data and U.S. University of Michigan's final consumer sentiment index for January are set to be published shortly.

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