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US dollar trades mixed amid GDP report

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New York: The US dollar traded mixed against other major currencies as investors pondered over the country’s economic growth data for the third quarter of 2017.

US economy expanded at an annual rate of 3.3 per cent in the third quarter of the year, slightly higher than 3 per cent previously estimated, the Department of Commerce reported on Wednesday.

In late New York trading, the euro rose to $1.1862 from $1.1839 in the previous session, and the British pound climbed to $1.3422 from $1.3376 in the previous session, Xinhua reported.

The Australian dollar lost to $0.7577 from $0.7597.

The US dollar bought 111.83 Japanese yen, higher than 111.55 yen of the previous session.

The US dollar fell to 0.9839 Swiss franc from 0.9844 Swiss franc, and it moved up to 1.2853 Canadian dollars from 1.2816 Canadian dollars.

The revised gross domestic product (GDP) data also showed that US economy in the July to September period grew at the fastest pace in three years, despite disruptions caused by hurricanes Harvey and Irma along the Gulf Coast in late August and September.

“The economic expansion is increasingly broad based across sectors as well as across much of the global economy,” Federal Reserve Chair Janet Yellen said Wednesday before the Joint Economic Committee of US Congress.

Wednesday’s report also confirmed the fact that US economy had expanded above 3 per cent in back-to-back quarters for the first time since 2014.

Meanwhile, according to the Fed’s Beige Book released in the afternoon, US economic activity continued to increase at a modest to moderate pace in October and mid-November across the 12 Fed Districts.

On other economic news, the Pending Home Sales Index rose 3.5 per cent from a downwardly revised 105.6 in September to 109.3 in October, beating market estimates, according to the National Association of Realtors on Wednesday.

Analysts thought that the strong economic growth is likely to bolster market expectations for another rate hike by the Fed in December.

The dollar index, which measures the greenback against six major peers, decreased 0.10 per cent at 93.179 in late trading.

IANS

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