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Forex News: U.S. Dollar Slides Despite Strong GDP Data

U.S. Dollar Slides Despite Strong GDP Data

04/26/2019 - 09:51:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major counterparts in early New York deals on Friday, after a sharp rise initially following the release of strong GDP data for the first quarter.

Data from the Commerce Department report showed an unexpected acceleration in the pace of U.S. economic growth in the first quarter.

Preliminary data showed real gross domestic product jumped by 3.2 percent in the first quarter after climbing by 2.2 percent in the fourth quarter of 2018.

The acceleration in the pace of growth came as a surprise to economists, who had expected GDP to increase by 2.1 percent.

Investors await the University of Michigan's revised reading on consumer sentiment for April, due at 10:00 am ET.

The consumer sentiment index for April is expected to be upwardly revised to 97.0 from 96.9, which was down from 98.4 in March.

The currency traded mixed against its major counterparts in the Asian session. While it rose against the yen and the euro, it held steady against the franc and the pound.

The greenback depreciated to 1.1155 against the euro, reversing from near a 2-year high of 1.1111 touched immediately after the data. The greenback is seen finding support around the 1.13 level.

The greenback pulled back to a 2-day low of 1.2918 against the pound, following a high of 1.2874 hit in immediate aftermath of the data. The next possible support for the greenback is seen around the 1.32 level.

After touching near a 4-month high of 1.0236 against franc soon after the data release, the greenback retreated to 1.0198. Next key support for the greenback is likely seen around the 1.00 level.

The greenback was trading lower at 111.60 against the yen, quickly erasing its post-data advance to 112.02. The greenback is poised to find support around the 110.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan retail sales rose a seasonally adjusted 0.2 percent on month in March.

That beat expectations for a flat reading and was down from the 0.4 percent increase in February.

Extending early slide, the greenback slid to a 2-day low of 0.7053 against the aussie and a 3-day low of 0.6671 against the kiwi, from its previous highs of 0.7007 and 0.6619, respectively. Further downtrend may take the greenback to support levels of around 0.72 against the aussie and 0.68 against the kiwi.

The greenback dipped to a 2-day low of 1.3459 against the loonie, from a high of 1.3498 seen at 5:45 am ET. The greenback is likely to find support around the 1.31 region, should it falls again.

The University of Michigan's final consumer sentiment index for April will be out at 10:00 am ET.

For comments and feedback: contact editorial@rttnews.com

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