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Forex News: U.S. Dollar Extends Rise As Upbeat GDP Data

U.S. Dollar Extends Rise As Upbeat GDP Data Raises Fed Rate Hike Hopes

10/27/2017 - 09:40:00 (RTTNews)

(RTTNews) - The U.S. dollar continued to be higher against its major counterparts in the European session on Friday, following a data showing stronger than expected third quarter economic growth in the U.S. that raised odds for a Fed rate hike for a third time this year in December. Data from the Commerce Department showed that real gross domestic product jumped by 3.0 percent in third quarter after surging up by 3.1 percent in the second quarter. Economists had expected GDP to increase by 2.5 percent. The Commerce Department said the stronger than expected GDP growth reflected positive contributions from consumer spending, private inventory investment, non-residential fixed investment, exports, and federal government spending. Investors await the University of Michigan's final consumer survey sentiments for October, due at 10.00 am ET. The consensus is for 100.7, slightly down from the preliminary reading of 101.1. The currency has been trading in positive territory in the Asian session, after news that House Republicans voted to approve a Senate-passed budget resolution, taking a key step toward tax reform.

The non-binding budget resolution unlocks the reconciliation process, allowing Republicans to pass their tax reform plan with a simple 51-vote majority in the Senate. The greenback added 0.4 percent to hit 114.45 against the yen, its strongest since July 11. The pair finished Thursday's trading at 113.97. The greenback is poised to challenge resistance around the 118.00 region. Data from the Ministry of Internal Affairs and Communications showed that Japan's consumer prices rose 0.7 percent on year in September.

That was in line with expectations and unchanged from the August reading. The greenback spiked up to a 5-1/2-month high of 1.0038 against the Swiss franc, compared to 0.9976 hit late New York Thursday. Continuation of the greenback's uptrend may see it challenging resistance around the 1.02 mark. The greenback appreciated to more than a 3-month high of 1.1588 against the euro, up 0.5 percent from Thursday's closing value of 1.1650. If the greenback rises further, 1.14 is possibly seen as its next resistance level. Survey of Professional Forecasters published by the European Central Bank showed that Eurozone longer-term inflation was forecast to be higher than previous projection, while near-term inflation expectations remained unchanged.

Longer-term inflation expectations were revised upwards to 1.9 percent from 1.8 percent. The greenback rose back to 0.6823 against the kiwi, heading to pierce near a 6-month peak of 0.6818 set at 10:00 pm ET. The greenback is seen finding resistance around the 0.67 mark.

The greenback hit 3-1/2-month highs of 0.7625 against the aussie and 1.2907 against the loonie, off its early lows of 0.7664 and 1.2844, respectively. The next possible resistance for the greenback is seen around 0.75 against the aussie and 1.30 against the loonie. The greenback held steady against the pound, after advancing to a 3-week peak of 1.3070 at 4:30 am ET. The pair was valued at 1.3151 when it closed deals on Thursday.

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