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Forex News: U.S. Dollar Falls Amid Downward Revision To GDP

U.S. Dollar Falls Amid Downward Revision To GDP Data, Higher Jobless Claims

05/30/2024 - 13:00:00 (RTTNews)

(RTTNews) - The U.S. dollar declined against its major counterparts in the New York session on Thursday, as economic growth slowed more than previously estimated in the first quarter and jobless claims edged up last week, raising expectations for an interest rate cut in the near future.

Data from the Commerce Department showed that gross domestic product climbed by 1.3 percent in the first quarter compared to the previously reported 1.6 percent jump.

The downwardly revised increase, which was in line with economists, compares to the 3.4 percent surge in GDP in the fourth quarter of 2023.

Data from the Labor Department showed that initial jobless claims rose to 219,000, an increase of 3,000 from the previous week's revised level of 216,000.

Economists had expected jobless claims to inch up to 218,000 from the 215,000 originally reported for the previous week.

Following the data, markets are expecting a rate cut from the Fed in November.

The greenback weakened to a 2-week low of 0.9031 against the franc and an 8-day low of 156.36 against the yen, off its early highs of 0.9140 and 157.67, respectively. The greenback is poised to challenge support around 0.89 against the franc and 147.00 against the yen.

The greenback fell to 1.0845 against the euro and 1.2747 against the pound, from an early more than 2-week high of 1.0788 and a 6-day high of 1.2680, respectively. The greenback is seen finding support around 1.10 against the euro and 1.29 against the pound.

The greenback declined to 0.6647 against the aussie, 1.3660 against the loonie and 0.6131 against the kiwi, from an early more than 2-week high of 0.6590 and 6-day highs of 1.3734 and 0.6088, respectively. The currency may locate support around 0.68 against the aussie, 1.34 against the loonie and 0.63 against the kiwi.

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