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Forex News: Dollar Rising Following Solid GDP Report

Dollar Rising Following Solid GDP Report

09/27/2018 - 13:39:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against its major rivals Thursday afternoon. Investors continue to react to yesterday's interest rate hike by the Federal Reserve, as well as a large batch of U.S. economic data this morning.

A report released by the Commerce Department on Thursday showed the pace of U.S. economic growth in the second quarter was unrevised from the previous estimate.

The report said gross domestic product increased at an annual rate of 4.2 percent in the second quarter, unchanged from the estimate released last month. The unrevised growth also matched economist estimates.

First-time claims for U.S. unemployment benefits showed a modest rebound in the week ended September 22nd, according to a report released by the Labor Department on Thursday. The report said initial jobless claims rose to 214,000, an increase of 12,000 from the previous week's revised level of 202,000.

Economists had expected jobless claims to rise to 210,000 from the 201,000 originally reported for the previous week.

Reflecting a substantial rebound in orders for transportation equipment, the Commerce Department released a report on Thursday showing new orders for U.S. manufactured durable goods jumped much more than expected in the month of August.

The Commerce Department said durable goods orders surged up by 4.5 percent in August after falling by a revised 1.2 percent in July. Economists had expected durable goods orders to climb by 2.0 percent compared to the 1.7 percent slump that had been reported for the previous month.

Pending home sales in the U.S. dropped by much more than expected in the month of August, according to a report released by the National Association of Realtors on Thursday. NAR said its pending home sales index tumbled by 1.8 percent to 104.2 in August after falling to 106.1 in July. Economists had expected pending home sales to fall by 0.4 percent.

The dollar has climbed to a 1-week high of $1.1665 against the Euro Thursday afternoon, from an early low of $1.1757.

Eurozone economic confidence weakened further in September, survey data from European Commission showed Thursday. The economic sentiment index dropped to 110.9 in September from 111.6 in August. The score was forecast to fall to 111.2.

German consumer confidence is set to improve in October despite political turbulence, survey data from market research group GfK showed Thursday. The forward-looking consumer sentiment index rose 0.1 points to 10.6 in September. The score was forecast to remain unchanged at 10.5 points.

Germany's consumer price inflation accelerated more-than-expected in September to its highest level in nearly seven years, initial estimates from the Federal Statistical Office showed Thursday. The consumer price index rose 2.3 percent year-on-year following a 2 percent increase, each in July and August. Economists had expected the rate to remain unchanged.

The buck has risen to around $1.31 against the pound sterling Thursday afternoon, from an early low of $1.3178.

The greenback has broken out to nearly a 10-month high of Y113.400 against the Japanese Yen this afternoon, from an early low of Y112.563.

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