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Forex News: U.S. Dollar Mixed After Downward Revision To GDP

U.S. Dollar Mixed After Downward Revision To GDP Data

05/30/2019 - 10:00:00 (RTTNews)

(RTTNews) - The U.S. dollar came in mixed against its major opponents in the European session on Thursday, after a data showed that U.S. economic growth accelerated slightly less than initially estimated in the first quarter, which triggered concerns about economic outlook.

Revised data from the Commerce Department showed that U.S. economic growth in the first quarter improved slightly less than initially estimated.

The Commerce Department said real gross domestic product surged up by 3.1 percent in the first quarter, reflecting a slight downward from revision from the previously reported 3.2 percent jump.

The downwardly revised increase in GDP, which matched economist estimates, still represented a notable acceleration from the 2.2 percent growth seen in the fourth quarter of 2018.

Data from Labor Department showed a modest uptick in first-time claims for U.S. unemployment benefits in the week ended May 25.

The report said initial jobless claims edged up to 215,000, an increase of 3,000 from the previous week's revised level of 212,000.

Economists had expected jobless claims to inch up to 215,000 from the 211,000 originally reported for the previous week.

In the Asian session, the currency traded mixed against its major counterparts, by rising against the franc and the yen, but holding steady against the euro and the pound.

The demand for dollar arose amid its safe-haven appeal on fresh concerns over U.S.-China trade negotiations.

A senior Chinese diplomat said today that provoking trade disputes is "naked economic terrorism", ramping up the rhetoric against the United States.

The greenback held steady against the yen, after having risen to a weekly high of 109.83 at 3:15 am ET. The pair was valued at 109.59 when it ended deals on Wednesday.

The greenback retreated to 1.0076 against the Swiss franc, after appreciating to a 2-day high of 1.0098 at 6:20 am ET. The greenback closed Wednesday's trading at 1.0080 a franc. The greenback is seen finding support around the 0.99 level.

The U.S. currency strengthened to a weekly high of 1.1119 against the euro, from a low of 1.1143 set at 9:15 pm ET. At yesterday's close, the pair was valued at 1.1131. Next likely resistance for the greenback is seen around the 1.10 level.

The greenback rose back to 1.2613 against the pound, not far from a weekly high of 1.2611 touched at 3:15 am ET. The greenback was quoted at 1.2626 per pound at Tuesday's New York session close. The greenback is likely to find resistance around the 1.25 level, if it rises further.

Bank of England Deputy Governor Dave Ramsden said that he was more pessimistic on the UK economic growth forecast than the central bank, and cautioned that a "no-deal, no-transition" Brexit would be the biggest risk to the economy.

Ramsden said he is more pessimistic on GDP growth forecast than his colleagues on the Monetary Policy Committee. The policymakers sees more downside risks to productivity and is less optimistic about the recovery in investment.

The U.S. pending home sales data for April is due in the New York session.

At 12:00 pm ET, Federal Reserve Governor Richard Clarida will deliver a speech at the Economic Club of New York.

For comments and feedback: contact editorial@rttnews.com

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