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Forex News: Dollar Strengthens After U.S. GDP Data

Dollar Strengthens After U.S. GDP Data

12/20/2019 - 10:11:00 (RTTNews)

(RTTNews) - The U.S. dollar firmed against its major counterparts in the European session on Friday, as a data showed that the economy expanded as expected in the third quarter.

The Commerce Department said real gross domestic product jumped by 2.1 percent in the third quarter, unchanged from the estimate released last month and in line with economist expectations.

The unrevised GDP growth in the third quarter reflects a modest acceleration from the 2.0 percent increase seen in the second quarter.

The greenback appreciated to a 9-day high of 1.1081 against the euro from Thursday's closing value of 1.1120. The greenback is likely to challenge resistance around the 1.08 mark.

Data from the European Central Bank showed that the euro area current account surplus increased in October driven by trade surplus and primary income.

The current account surplus advanced to EUR 32 billion from EUR 28 billion in the previous month.

The greenback was trading higher at 109.39 against the yen, up from a low of 109.25 seen at 2:00 am ET. The greenback is seen locating resistance around the 112.00 level.

Data from the Ministry of Internal Affairs showed that Japan's consumer price inflation accelerated in November after the sales tax hike but remained well below the central bank target.

Core inflation that excludes fresh food rose to 0.5 percent in November from 0.4 percent in October. The rate came in line with expectations.

The U.S. currency firmed to a 2-day high of 0.9816 against the franc, compared to Thursday's closing quote of 0.9784. The greenback may challenge resistance around the 1.00 mark.

The greenback that ended Thursday's trading at 1.3125 against the loonie strengthened to a 3-day high of 1.3181. If the greenback strengthens further, it is likely to test resistance around the 1.34 region.

The greenback edged up to 0.6589 against the kiwi, off an early 2-day low of 0.6614. Next near term resistance for the currency is seen around the 0.64 level.

In contrast, the greenback dropped to 1.3058 against the pound from yesterday's closing value of 1.3008. The next possible support for the greenback is seen around the 1.35 level.

Extending early slide, the greenback fell to a 1-week low of 0.6903 against the aussie. On the downside, 0.70 is possibly seen as the next support level for the greenback.

Looking ahead, U.S. personal income and spending data for November and University of Michigan's final consumer sentiment index for December will be featured at 10.00 am ET.

At the same time, European Commission is slated to issue Eurozone flash consumer confidence survey results for December.

For comments and feedback: contact editorial@rttnews.com

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