Forex - Dollar bounces back after upbeat U.S. GDP data
Investing.com
Published May 26, 2017 08:45AM ET
Dollar regains some ground, U.S. data supports
Investing.com - The dollar bounced back against other major currencies on Friday, helped by the release of better than expected U.S. economic growth data.
EUR/USD fell 0.22% to 1.1186, off session highs of 1.1235.
The U.S. Bureau of Economic Analysis said gross domestic product rose 1.2% in the first quarter, up from a previous estimate of 0.7% and compared to expectations for a growth rate of 0.9%.
A separate report showed that U.S. durable goods orders fell 0.7% in April, compared to expectations for a 1.2% drop.
Core durable goods orders, which exclude transportation items, slipped 0.4% last month, disappointing expectations for a 0.5% rise.
The greenback had weakened broadly after the minutes of the Federal Reserve’s May meeting released on Wednesday showed that the central bank could raise interest rates soon but that "it would be prudent" to wait for more U.S. economic data.
GBP/USD tumbled 0.90% to trade at 1.2825, the lowest since May 26.
A YouGov poll on Thursday showed that U.K. Prime Minister Theresa May's Conservative Party’s lead ahead of the June 8 election was reduced to five points.
USD/JPY declined 0.68% to 111.07, while USD/CHF held steady at 0.9729.
The Australian dollar was little changed, with AUD/USD at 0.7456, while NZD/USD advanced 0.73% to 0.7074.
Meanwhile, USD/CAD slipped 0.13% to trade at 1.3465, re-approaching the previous session’s five-week low of 1.3385.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.14% at 97.29.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.