Forex News: U.S. Dollar Pulls Back Off Highs But Continues

U.S. Dollar Pulls Back Off Highs But Continues To See Modest Strength

(RTTNews) - After moving notably higher earlier on Thursday, the value of the U.S. dollar has given back some ground but continues to see modest strength.

The U.S. dollar index is currently up 0.17 points or 0.2 percent at 101.81 after reaching an intraday high of 102.18.

The greenback is trading at 130.26 yen versus the 129.59 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0892 compared to yesterday's $1.0872.

The modest strength comes following the release of some upbeat U.S. economic data, including a Commerce Department report showing U.S. economic activity surged by more than expected in the fourth quarter of 2022.

The report said real gross domestic product shot up by 2.9 percent in the fourth quarter after spiking by 3.2 percent in the third quarter. Economists had expected GDP to jump by 2.6 percent.

The stronger than expected GDP growth reflected increases in private inventory investment, consumer spending, government spending, and non-residential fixed investment.

Meanwhile, the positive contributions were partly offset by decreases in residential fixed investment and exports.

The Labor Department also released a report showing initial jobless claims unexpectedly dipped to a nine-month low in the week ended January 21st.

Separate Commerce Department reports also showed a spike in durable goods orders and a continued increase in new home sales.

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