The US dollar is almost unchanged after GDP revisions

NEW YORK, Nov. 29 (Xinhua) -- The U.S. dollar was almost flat in late trade on Wednesday, following sharp revisions to the U.S. third-quarter gross domestic product (GDP).

The dollar index, which measures the greenback against six major peers, rose 0.02 percent to 102.7643 in late trade.

The US Commerce Department said on Wednesday that it now estimates that the country's GDP grew at an annual rate of 5.2 percent in the third quarter, up from its original estimate of 4.9 percent. Non-residential fixed investment and government and municipal spending were stronger than expected, but consumption growth ticked down to 3.6 percent from 4 percent in that advance estimate.

Wall Street edged higher after the GDP revision, while comments from Federal Reserve officials left unresolved questions about the duration of the central bank's restrictive policies. US Treasury yields also maintained their recent downward march.

JPMorgan Chase CEO Jamie Dimon delivered a scathing assessment of the US economy on Wednesday, saying the bottom third of wage earners should be "pissed off" about their status. "If you look at the United States, well, you know, almost all-time low unemployment, but inflation is hurting people. The bottom third, I think they have a right to be pissed off. I'd probably be a little pissed off if I were them."

In the euro zone, Germany's inflation rate fell to 2.3 percent in November, the lowest level since June 2021. In late New York trade, the euro fell to US$1.0982 from US$1.0990 in the previous session, and the British pound rose to 1.2707 USD from 1.2698 USD in the previous session.

The Japanese yen is a "clear winner" as the G10 central banks' tightening cycle nears its end, while the dollar is "likely to weaken in the coming years," Capital Economics' Jonas Goltermann said in a report on Wednesday. The US dollar bought 147.2500 Japanese yen, down from 147.4240 Japanese yen from the previous session.

The US dollar fell to 0.8729 Swiss francs from 0.8777 Swiss francs and it rose to 1.3584 Canadian dollars from 1.3568 Canadian dollars. The US dollar increased to SEK 10.3537 from SEK 10.3320.


https://nord.news/2023/11/29/the-us-dollar-is-almost-unchanged-after-gdp-revisions/?feed_id=57056

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