U.S. Dollar Advances After Strong Economic Data
19 Dezembro 2024 - 11:38AM
RTTF2
The U.S. dollar rose against its major counterparts in the New
York session on Thursday, as better-than-expected economic data
suggested that economy is on solid footing.
Data from the Commerce Department showed that the pace of U.S.
economic growth unexpectedly surged more than previously estimated
in the third quarter.
The report said gross domestic product shot up by 3.1 percent in
the third quarter, reflecting an upward revision from the 2.8
percent jump previously reported. Economists had expected the pace
of growth to be unrevised.
Data from the Labor Department showed that first-time claims for
U.S. unemployment benefits pulled back by more than expected in the
week ended December 14th.
The Labor Department said initial jobless claims fell to
220,000, a decrease of 22,000 from the previous week's unrevised
level of 242,000. Economists had expected jobless claims to dip to
230,000.
The greenback climbed to more than a 3-week high of 1.2508
against the pound and a 5-month high of 157.80 against the yen, off
its early lows of 1.2666 and 154.42, respectively. The next
possible resistance for the currency is seen around 1.24 against
the pound and 161.00 against the yen.
The greenback recovered to 1.0354 against the euro. The currency
is poised to challenge resistance around the 1.02 level.
The greenback rose back to 0.8996 against the franc. This may be
compared to an early 5-1/2-month high of 0.9022. Immediate
resistance for the currency is seen around the 0.92 level.
In contrast, the greenback eased to 1.4344 against the loonie,
0.6265 against the aussie and 0.5662 against the kiwi, from an
early 4-1/2-year high of 1.4467 and more than 2-year highs of
0.6198 and 0.5608, respectively. The next possible support for the
greenback is seen around 1.36 against the loonie, 0.64 against the
aussie and 0.60 against the kiwi.
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