Forex News: U.S. Dollar Advances After Strong Economic Data

U.S. Dollar Advances After Strong Economic Data

(RTTNews) - The U.S. dollar climbed against its major counterparts in the New York session on Thursday, following the release of stronger-than-expected economic data.

Initial jobless claims came in at 218,000, down from 232,000 in the previous week. The reading came in below expectations of 235,000.

GDP was revised higher to 3.8 percent from 3.3 percent in the second quarter. Economists had expected the GDP to rise by 3.3 percent.

The dollar index surged to 98.16.

The greenback climbed to near 3-week highs of 1.1645 against the euro and 0.8014 against the franc. The currency is seen finding resistance around 1.16 against the euro and 0.88 against the franc.

The greenback advanced to 1-1/2-month highs of 1.3323 against the pound and 149.92 against the yen. The next possible resistance for the currency is seen around 1.32 against the pound and 150.00 against the yen.

The greenback rose to more than a 4-month high of 1.3949 against the loonie, near 3-week high of 0.6533 against the aussie and a 5-1/2-month high of 0.5758 against the kiwi. The currency may find resistance around 1.41 against the loonie, 0.63 against the aussie and 0.57 against the kiwi.

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