Forex Today: US Dollar demand resurges amid upbeat US growth data
|What you need to take care of on Friday, December 23:
The US Dollar recovered its shine on Thursday, and despite still trading within familiar levels against most of its major rivals, it currently stands near weekly highs. The Greenback got boosted by an upbeat US Gross Domestic Product report, as the Q3 GDP was upwardly revised from 2.9% to 3.2%.
By contrast, UK economic progress shrank at a faster-than-anticipated pace, with the Q3 GDP down by 0.3%. The news fueling speculation the UK’s recession will likely last throughout the upcoming year.
Asian stock markets closed in the green, but European indexes ended the day with modest losses. Wall Street posted substantial losses, trimming all of its weekly gains.
Positive headlines came from China, as the local government announced they would ease travel quarantine restrictions for foreigners starting next month.
Also, the US Senate approved a $1.7 trillion government funding bill and passed it to the House, where it is expected to also pass before the end of the day.
EUR/USD flirted with the weekly high but retreated from the 1.0650 price zone, and settled at 1.0580. GBP/USD, on the other hand, bounced modestly from 1.1991, a fresh three-week low.
The AUD/USD pair reached a fresh weekly high of 0.6766 but ended the day in the red, down 100 pips. The USD/CAD advanced and currently stands at 1.3650. Easing crude oil prices weighed on the CAD. WTI ended the day in the red at $77.90 a barrel.
Gold also fell, and currently trades at around $1,789 a troy ounce.
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