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

U.S. Dollar Mixed After GDP Data

04/29/2021 - 09:17:00 (RTTNews)

(RTTNews) - The U.S. dollar showed mixed trading against its major counterparts in the European session on Thursday, after a data showed that the country's economic growth accelerated in the first quarter.

Data from the Commerce Department showed that real gross domestic product surged up by 6.4 percent in the first quarter after jumping by 4.3 percent in the fourth quarter of 2020. Economists had expected GDP to increase by 6.5 percent.

The Commerce Department said the GDP growth reflected increases in consumer spending, non-residential fixed investment, federal government spending, residential fixed investment, and state and local government spending.

Data from the Labor Department showed that first-time claims for U.S. unemployment benefits dropped to a new pandemic-era low in the week ended April 24th.

The report said initial jobless claims dipped to 553,000, a decrease of 13,000 from the previous week's revised level of 566,000.

Economists had expected jobless claims to inch up to 549,000 from the 547,000 originally reported for the previous week.

In his first address to a joint session of Congress, President Joe Biden unveiled the $1.8 trillion American Families Plan, which proposes investment in children, families and education.

The package would be funded partly by tax hikes on wealthy Americans.

Biden said that the U.S. is competing with China and other countries to win the 21st century.

The dollar dropped in the Asian session as the Fed quelled speculation about an early tapering of asset buying.

The greenback rose to 109.07 against the yen, from an early 2-day low of 108.43, and held steady thereafter. The pair had closed Wednesday's deals at 108.58.

The greenback depreciated to 0.9080 against the franc, its lowest level since March 1. At yesterday's trading close, the pair was quoted at 0.9095. The greenback is seen finding support around the 0.88 mark.

The greenback held steady against the euro, after having recovered from near a 5-week low of 1.2150 seen in Asian trading. The pair was worth 1.2125 when it closed deals on Wednesday.

Data from the Federal Labor Agency showed that Germany's unemployment rose unexpectedly in April.

The number of people out of work increased by 9,000 in April, in contrast to the expected fall of 10,000 and March's decrease of 6,000.

After falling to a 9-day low of 1.3976 at 9:30 pm ET, the greenback bounced off against the pound during the course of the trading session. The pound-greenback pair had ended yesterday's trading session at 1.3929.

U.S. pending home sales for March are due in the New York session.

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