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Forex News: U.S. Dollar Eases As U.S. GDP Growth Revised

U.S. Dollar Eases As U.S. GDP Growth Revised Down, Jobless Claims Increase

06/28/2018 - 09:47:00 (RTTNews)

(RTTNews) - The U.S. dollar was lower against its most major counterparts in the European session on Thursday, following data showing downward revision to the U.S. economic growth in the first quarter and an increase in first-time claims for U.S. unemployment benefits in the week ended June 23.

Data from the Commerce Department showed that real gross domestic product increased by 2.0 percent in the first quarter compared to the previous estimate of 2.2 percent growth. Economists had expected the pace of GDP growth to be unrevised.

Data from the Labor Department showed a bigger than expected increase in first-time claims for U.S. unemployment benefits in the week ended June 23.

The report said initial jobless claims rose to 227,000, an increase of 9,000 from the previous week's unrevised level of 218,000. Economists had expected jobless claims to inch up to 220,000.

The currency was higher in early European deals, as continued uncertainty over U.S. trade policy prompted the demand of the safe-haven currency.

Investors assessed conflicting messages from U.S. President Donald Trump and his aides over whether he would adopt a confrontational approach to limit Chinese investment in America.

The greenback was trading at 1.1587 per euro, down from a weekly high of 1.1527 seen at 2:30 am ET. If the greenback continues its fall, 1.17 is possibly seen as its next support level.

Data from the European Commission showed that Eurozone economic confidence deteriorated in June.

The economic sentiment index fell to 112.3 in June from 112.5 in May but remained above the expected 112.0.

The greenback retreated to 110.07 against the yen, from a high of 110.42 hit at 3:15 am ET. On the downside, 108.00 is likely seen as the next support level for the greenback.

Data from the Ministry of Economy, Trade and Industry showed that Japan's retail sales declined sharply in May signaling weak consumer spending.

Retail sales decreased 1.7 percent month-on-month in May, reversing a 1.3 percent rise in April. Sales were expected to decline moderately by 0.8 percent.

The greenback held steady at 0.9974 against the franc, after retreating from more than a 5-week high of 0.9992 hit at 3:00 am ET.

The greenback dropped to a 3-day low of 1.3275 against the loonie and held steady thereafter. The pair was valued at 1.3341 when it closed deals on Wednesday.

On the flip side, the greenback hovered around a 7-1/2-month high of 1.3066 against the pound, compared to 1.3111 hit late New York Wednesday. Next key resistance for the greenback is likely seen around the 1.29 level.

The greenback appreciated to more than a 2-year high of 0.6752 against the kiwi at 5:15 am ET and moved sideways during the rest of trading session. At yesterday's close, the pair was worth 0.6795.

The Reserve Bank of New Zealand maintained its Official Cash Rate at the record low of 1.75 percent. The decision was in line with expectations.

RBNZ Governor Adrian Orr said that the bank was well-positioned to manage change in either direction - up or down - as necessary.

The greenback edged up to 0.7330 against the aussie and moved sideways thereafter. The aussie-greenback pair finished Wednesday's trading at 0.7338.

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