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Forex News: Dollar Strengthens After Upward Revision To U.S. GDP

Dollar Strengthens After Upward Revision To U.S. GDP Data

11/27/2019 - 09:46:00 (RTTNews)

(RTTNews) - The U.S. dollar outperformed against its key counterparts in the European session on Wednesday, as the U.S. economy grew more than initially estimated in the third quarter, easing concerns over a slowdown in economic growth.

Data from the Commerce Department showed that real gross domestic product jumped by 2.1 percent in the third quarter compared to the previously estimated 1.9 percent increase. Economists had expected the pace of GDP growth to be unrevised.

The stronger than previous estimated growth reflected upward revisions to private inventory investment, non-residential fixed investment, and consumer spending.

Separate data showed that durable goods orders unexpectedly rebounded in the month of October.

The durable goods orders climbed by 0.6 percent in October after plunging by a revised 1.4 percent in September.

Data from the Labor Department showed that first-time claims for U.S. unemployment benefits fell more than expected in the week ended November 23rd.

The report said initial jobless claims dropped to 213,000, a decrease of 15,000 from the previous week's revised level of 228,000.

Investors cheered U.S. President Donald Trump's remarks that Washington was in the "final throes of a very important deal."

Trump's comments came after the Chinese commerce ministry said that top negotiators from the U.S. and China have reached a common understanding on resolving problems towards the signing of a phase one trade deal.

The currency has been trading higher against its key counterparts in the Asian session as upbeat comments from U.S. President Donald Trump on trade fanned hopes of reaching an interim trade deal soon.

The greenback appreciated to near a 2-week high of 1.0999 versus the euro, up from Tuesday's closing quote of 1.1020. The currency is seen finding resistance around the 1.08 level.

Data from Destatis showed that Germany's import prices declined at the fastest pace in more than two years in October.

Import prices decreased 3.5 percent year-on-year in October, faster than the 2.5 percent decline seen in September.

For the first time since October 15, the greenback moved up to 0.9994 against the franc. The pair had ended Tuesday's deals at 0.9971. The currency is likely to find resistance around the 1.02 level.

The greenback firmed to a fresh 2-week high of 109.26 against its Japanese counterpart, compared to yesterday's closing value of 109.04. Next immediate resistance for the greenback is seen around the 111.00 mark.

The greenback bounced off to 0.6424 against the kiwi, from a 6-day low of 0.6433 seen at 10:45 pm ET. If the greenback rises further, 0.62 is possibly seen as its next resistance level.

Data from Statistics New Zealand showed that New Zealand had a merchandise trade deficit of NZ$1.0 billion in October.

That was in line with expectations following the NZ$1.242 billion shortfall in September.

In contrast, the greenback weakened to a 5-day low of 1.3260 against the loonie from Tuesday's trading close of 1.3272. On the downside, 1.30 is likely seen as the next support level for the greenback.

The greenback held steady against the aussie, after having fallen back from a high of 0.6772 hit at 11:45 pm ET. At Tuesday's close, the pair was quoted at 0.6788.

Data from the Australian Bureau of Statistics showed that Australia's construction work done declined less than expected in the September quarter.

Construction work done decreased 0.4 percent sequentially in the third quarter compared to the expected fall of 1 percent. On a yearly basis, the value of construction work done declined 7 percent.

The greenback held steady also against the pound, after pulling back from a 5-day high of 1.2827 set at 2:45 am ET. The pair had closed Tuesday's deals at 1.2866.

The U.S. pending home sales and personal income and spending data for October, as well as Fed Beige book report will be featured in the New York session.

For comments and feedback: contact editorial@rttnews.com

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