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24 Dec 2014
The greenback strengthens broadly on upbeat US GDP – AceTrader
FXStreet (Barcelona) - The AceTrader Team note that the Dollar exhibited strength after the Q3 GDP data release, which showed an upside revision to 5%, pushing EUR/USD to make a fresh 28-month low at 1.2165.
Key Quotes
“U.S. dollar strengthened broadly on Tuesday as data showed that the U.S. economy grew faster than expected in the last quarter, despite the disappointing durable goods reports.”
“The Commerce Department from U.S. revised up its GDP growth estimate to a 5.0 % annual pace on Tuesday, citing stronger consumer and business spending than it had previously assumed. The figure was the fastest growth pace since the third quarter of 2003.”
“Meanwhile, a separate report, official data showed U.S. durable goods orders fell unexpectedly last month. The Census Bureau said that durable goods orders in U.S. fell to -0.7%, from 0.3% in the preceding month. Market had expected durable goods orders to rise 3.0% last month.”
“Later, the University of Michigan said that consumer sentiment fell to a seasonally adjusted 93.6, from 93.8 in the preceding month. It is the best showing on a final basis since January 2007 and the latest in a string of increases since August.”
“Although the single currency edged higher from Monday's New York low at 1.2217 in Asia and briefly climbed to 1.2246 in European morning in part due to cross-buying in euro, renewed selling interest checked intra-day gain there and price tumbled to a fresh 28-month low at 1.2165 in New York morning as release of upbeat U.S. GDP data triggered broad-base demand in greenback. Euro later recovered to 1.2191 before moving sideways for rest of the New York session.”
Key Quotes
“U.S. dollar strengthened broadly on Tuesday as data showed that the U.S. economy grew faster than expected in the last quarter, despite the disappointing durable goods reports.”
“The Commerce Department from U.S. revised up its GDP growth estimate to a 5.0 % annual pace on Tuesday, citing stronger consumer and business spending than it had previously assumed. The figure was the fastest growth pace since the third quarter of 2003.”
“Meanwhile, a separate report, official data showed U.S. durable goods orders fell unexpectedly last month. The Census Bureau said that durable goods orders in U.S. fell to -0.7%, from 0.3% in the preceding month. Market had expected durable goods orders to rise 3.0% last month.”
“Later, the University of Michigan said that consumer sentiment fell to a seasonally adjusted 93.6, from 93.8 in the preceding month. It is the best showing on a final basis since January 2007 and the latest in a string of increases since August.”
“Although the single currency edged higher from Monday's New York low at 1.2217 in Asia and briefly climbed to 1.2246 in European morning in part due to cross-buying in euro, renewed selling interest checked intra-day gain there and price tumbled to a fresh 28-month low at 1.2165 in New York morning as release of upbeat U.S. GDP data triggered broad-base demand in greenback. Euro later recovered to 1.2191 before moving sideways for rest of the New York session.”